AcSB Annual Plan – 2017-2018

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Mar 28, 2017

On March 28, 2017, the Accounting Standards Board (AcSB) 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 2017-2018.

The key elements of the AcSB’s Strategic Plan considered for this annual plan are summarized below:

Overarching strategic goal - Retain separate strategies for each category of reporting entity in Canada’s private sector

Publicly accountable enterprises - Support the application in Canada of IFRSs

  • Influence future international standards by maintaining and leveraging Canada's strong reputation internationally.
  • Stakeholders apply new and existing IFRSs effectively.
  • Differences in global standards are narrowed, including alignment of adoption dates for new IFRSs.

Private enterprises - Retain and improve the standards in Part II

  • Part II contains a high-quality set of standards that:
    • produces decision-useful information;
    • is complete; and
    • supports the exercise of professional judgment while providing sufficient guidance to result in consistent application.
  • Private enterprises apply new and existing standards effectively.

NFPOs - Retain and improve the standards in Part III

  • Improvements to the Part III standards consider stakeholder input and the unique needs of NFPOs.
  • The needs of NFPOs are met following changes made to ASPE.

Pension plans - Retain the standards in Part IV

  • Part IV standards meet the needs of this sector.

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

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