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AcSB Annual Plan – 2016-2017

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Apr 07, 2016

On April 7, 2016, the Accounting Standards Board released its Annual Plan where it sets out its objectives and planned activities for publicly accountable enterprises, private enterprises and not-for-profit organizations, along with other initiatives to be undertaken in 2016-2017.

The key elements considered for this annual plan are summarized below :

Long-term strategic goal – Retain separate strategies for each major category of reporting entity in Canada’s private sector

Publicly accountable enterprises - Support the application in Canada of IFRSs (Part I of the Handbook)

  • Leverage Canada’s strong reputation in influencing future international standards.
  • Assist Canadians in applying new and existing International Financial Reporting Standards (IFRSs).
  • Work with others globally to encourage a common global adoption

Private enterprises - Retain and improve the standards in Part II.

  • Develop amendments to maintain and improve a high-quality set of standards that (i) produces decision-useful information; (ii) is complete; and (iii) supports the exercise of professional judgment while providing sufficient guidance to result in consistent application.
  • Assist private enterprises applying new and existing standards.

Not-for-profit organizations - Retain and improve the standards in Part III.

  • Advance our initiative to improve the standards by considering stakeholder input to ensure changes meet the unique needs of the not-for-profit sector.
  • Assess changes to accounting standards for private enterprises and take appropriate steps to ensure those changes will meet needs of the not-for-profit sector.

Pension plans - Retain the standards in Part IV.

  • Monitor developments in this sector to determine when to start an improvements project and if new types of pension plans requiring standard-setting attention are appearing in the private sector.

Review the Annual Plan on the AcSB's Web site.


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