About Canadian standard setting

At a given time, there are new projects underway for all of our Canadian reporting frameworks.  The first stage for the development of a new standard (or the amendment of an existing one) is a decision to undertake a project that is focused on a particular area of financial reporting that is considered to be in need of attention. 

Some of these projects can span a number of years in some cases due to the complexity of the subject matter on hand and the steps that need to be completed in order to develop and issue a comprehensive new accounting standard.  The steps involved vary by accounting framework but may involve one or more of the following steps:

  • Outreach to public to determine what projects should be undertaken
  • Performing research
  • The development and issuance of a discussion paper
  • The development and issuance of an exposure draft
  • The development and issuance of an accounting standard

The development of new standards established by the AcSB is done under the due process of the AcSB.  This process is built around principles of transparency, consultation and accountability.  For Part I of the Handbook, the AcSB places some reliance on the due process of the IASB but also monitors compliance of the IASB with this due process.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.