The Independent Review Committee on Standard Setting in Canada recommended that an effectiveness review be conducted with the assistance of an independent third party to help streamline and harmonize oversight activities and processes. In response to the results, the Effectiveness Review Joint Taskforce and the current oversight councils approved that a single council be created to oversee standard setting for accounting, audit and assurance, and sustainability.  

This decision consolidates the activities of three oversight bodies – the Auditing and Assurance Standards Oversight Council (AASOC), Accounting Standards Oversight Council (AcSOC), and the Canadian Sustainability Standards Board (CSSB) Implementation Committee – streamlining the processes and activities for accounting, audit, assurance, and sustainability standard setting.

The Oversight Council is effective from April 1, 2024, and will focus its initial work on establishing its operations and governance processes. It will begin its formal oversight work on July 1, 2024. The current oversight bodies will conclude their operations on June 30, 2024.

Access the press release on the FRASCanada website.

The Independent Review Committee on Standard Setting in Canada recommended that an effectiveness review be conducted with the assistance of an independent third party to help streamline and harmonize oversight activities and processes. In response to the results, the Effectiveness Review Joint Taskforce and the current oversight councils approved that a single council be created to oversee standard setting for accounting, audit and assurance, and sustainability.  

This decision consolidates the activities of three oversight bodies – the Auditing and Assurance Standards Oversight Council (AASOC), Accounting Standards Oversight Council (AcSOC), and the Canadian Sustainability Standards Board (CSSB) Implementation Committee – streamlining the processes and activities for accounting, audit, assurance, and sustainability standard setting.

The Oversight Council is effective from April 1, 2024, and will focus its initial work on establishing its operations and governance processes. It will begin its formal oversight work on July 1, 2024. The current oversight bodies will conclude their operations on June 30, 2024.

Access the press release on the FRASCanada website.

The 2022-2025 Strategic Plan outlines five strategic goals and supporting objectives while the Annual Plan includes specific activities that will support the achievement of these objectives.

The strategic goals for 2022 – 2025 are as follows:

• Monitor and understand emerging issues in the changing environment to better anticipate standard setting needs.
• Engage and collaborate with interested and affected parties to understand their needs and expectations.
• Set high-quality standards and guidance that respond to the evolving needs and expectations of interested and affected parties.
• Enhance our standard-setting processes and capabilities to develop timelier solutions.
• Support the effective implementation and application of standards and guidance to enhance consistency and quality in engagement performance.

Access the annual plan on the AASB’s website.

The Independent Review Committee on Standard Setting in Canada recommended that an effectiveness review be conducted with the assistance of an independent third party to help streamline and harmonize oversight activities and processes. In response to the results, the Effectiveness Review Joint Taskforce and the current oversight councils approved that a single council be created to oversee standard setting for accounting, audit and assurance, and sustainability.  

This decision consolidates the activities of three oversight bodies – the Auditing and Assurance Standards Oversight Council (AASOC), Accounting Standards Oversight Council (AcSOC), and the Canadian Sustainability Standards Board (CSSB) Implementation Committee – streamlining the processes and activities for accounting, audit, assurance, and sustainability standard setting.

The Oversight Council is effective from April 1, 2024, and will focus its initial work on establishing its operations and governance processes. It will begin its formal oversight work on July 1, 2024. The current oversight bodies will conclude their operations on June 30, 2024.

Access the press release on the FRASCanada website.

AcSB developed a framework in the 2023-2024 fiscal year to respond to interested and affected parties needing additional guidance when applying Parts II and III of the Handbook. The AcSB will focus in 2024-2025 on implementing this framework.

AcSB will review its standards (ASPE & IFRS) to improve their relevance for users and address feedback on scalability and emerging issues. They will collaborate with the Canadian Sustainability Standards Board (CSSB) and the International Accounting Standards Board (IASB) to ensure Canadian perspectives are reflected in international standards. To further engage with stakeholders, they are planning to increase the number of in-person events, fostering meaningful discussions on critical accounting issues.

Access the annual plan on the AcSB’s website.

AcSB developed a framework in the 2023-2024 fiscal year to respond to interested and affected parties needing additional guidance when applying Parts II and III of the Handbook. The AcSB will focus in 2024-2025 on implementing this framework.

AcSB will review its standards (ASPE & IFRS) to improve their relevance for users and address feedback on scalability and emerging issues. They will collaborate with the Canadian Sustainability Standards Board (CSSB) and the International Accounting Standards Board (IASB) to ensure Canadian perspectives are reflected in international standards. To further engage with stakeholders, they are planning to increase the number of in-person events, fostering meaningful discussions on critical accounting issues.

Access the annual plan on the AcSB’s website.

AcSB developed a framework in the 2023-2024 fiscal year to respond to interested and affected parties needing additional guidance when applying Parts II and III of the Handbook. The AcSB will focus in 2024-2025 on implementing this framework.

AcSB will review its standards (ASPE & IFRS) to improve their relevance for users and address feedback on scalability and emerging issues. They will collaborate with the Canadian Sustainability Standards Board (CSSB) and the International Accounting Standards Board (IASB) to ensure Canadian perspectives are reflected in international standards. To further engage with stakeholders, they are planning to increase the number of in-person events, fostering meaningful discussions on critical accounting issues.

Access the annual plan on the AcSB’s website.

AcSB developed a framework in the 2023-2024 fiscal year to respond to interested and affected parties needing additional guidance when applying Parts II and III of the Handbook. The AcSB will focus in 2024-2025 on implementing this framework.

AcSB will review its standards (ASPE & IFRS) to improve their relevance for users and address feedback on scalability and emerging issues. They will collaborate with the Canadian Sustainability Standards Board (CSSB) and the International Accounting Standards Board (IASB) to ensure Canadian perspectives are reflected in international standards. To further engage with stakeholders, they are planning to increase the number of in-person events, fostering meaningful discussions on critical accounting issues.

Access the annual plan on the AcSB’s website.

This Annual Plan provides staff resources to manage and coordinate meetings for the Indigenous Advisory Group and the Technical Advisory Group throughout the year, thereby advancing PSAB’s Indigenous Engagement Strategy and International Strategy. Additionally, the 2024-2025 Annual Plan includes significant staff investment toward developing PSAB’s exposure draft on Intangible Assets and the approval or re-exposure of the Exposure Draft, “Employee Benefits, Proposed Section 3251.”

As a part of PSAB’s Government Not-For-Profit Strategy, the Annual Plan includes the completion of the Capital Assets technical project and the initiation of the Contributions technical project. Based upon feedback to the Future Work Plan Consultation, PSAB also intends to initiate a technical project to update Statement of Recommended Practice (SORP) 1, Financial Statement Discussion & Analysis.

Access the annual plan on the PSAB’s website.

The report states, “More countries use AI, including machine learning, to understand current and future compliance risks, sharpen risk management, and develop intervention actions. 82.5% of countries surveyed in the OECD’s Tax Administration 2023 report already use AI for risk assessments and detecting fraud in their tax systems or are in the implementation phase for future use.” Jurisdictions also use AI to support taxpayer compliance and reduce taxpayer burdens. However, the report acknowledges that certain risks and challenges remain in using AI to counter fraud and corruption in tax systems.

A replay also is available of a session from the 2024 OECD Global Anti-Corruption and Integrity Forum that covered some examples of national approaches to tax transparency, critical challenges in developing and implementing anti-corruption strategies, and the role of international collaboration in combating tax fraud and illicit financial flows.

Access the press release and the report on the OECD’s website.