About the AcSB's Liaison Activities with the IASB

In January 2006, the AcSB adopted its new Strategic Plan, which includes the decision to move financial reporting for Canadian publicly accountable enterprises to a single set of globally accepted high-quality standards, namely, the International Financial Reporting Standards (IFRSs) issued by the International Accounting Standards Board (IASB). The IASB has been working in partnership with the US Financial Accounting Standards Board (FASB) since the two Boards agreed in 2002 to undertake major projects jointly. In February 2006, the FASB and the IASB signed a Memorandum of Understanding in which they agreed to work together to eliminate the most significant differences between IFRSs and US GAAP. Over 100 countries, including the European Union members, China and Australia, New Zealand and South Africa have agreed to adopt IFRSs, and the number of countries continues to grow.

The IASB has gained an international reputation for setting high-quality accounting standards through a rigorous due process, including input from the Standards Advisory Council. The Board's 12 full-time and 2 part-time members (increasing to 16 by 2012) represent a balance between technical expertise and diverse international business experience. The IASB maintains an appropriate mix of members with recent experience as practicing auditors and as preparers and users of financial statements, and those of an academic background.

IASB members liaise with national standard setters in order to promote convergence of accounting standards through common activities, wherever possible. The AcSB frequently communicates with the IASB staff and Board members on issues that are significant to Canadian constituents.

The AcSB supports the objective of harmonizing accounting standards internationally. It has worked with the IASB since its inception in 2001, and before then with the IASB’s predecessor body, the IASC, since its founding in 1973. It continues to do so in many different ways under the new Strategic Plan by including Canadians who serve on IASB Committees, such as:

• Paul Tellier — Trustee
• Jean Paré — IFRIC
• Paul Cherry — Chair, Standards Advisory Council
• Karyn Brooks — Standards Advisory Council
• Phil Arthur — Insurance Working Group
• Frank D’Andrea — Employee Benefit Working Group
• Iain Robertson — Lease Accounting Working Group
• Blair Carey — Analysts Representative Group

IASB projects currently in process will result in standards that publicly accountable Canadian enterprises will adopt when the changeover to IFRSs occurs. The AcSB responds to documents issued for comment by the IASB, but also strongly encourages Canadian constituents to monitor IASB projects and respond to these documents.

Further information about the IASB, including its current work plan, is available at www.iasb.org.