Canadian Senate committee urges global accounting standards

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25 Jun 2003

After a year-long study triggered by Enron and other recent financial reporting scandals, a committee of the Senate of Canada has published a report that makes extensive recommendations on financial reporting, including: accounting and auditing standards, oversight of the profession, audit committees, certification of annual financial statements, MD&A, corporate governance, and management compensation.

Two items relating to the work of the IASB are:
  • The Committee's recommendation that "The federal government should take a leadership role and work with Canadian stakeholders in undertaking discussions with the US Financial Accounting Standards Board, the International Accounting Standards Board, and others that will result in all relevant parties working expeditiously toward the development of global uniform accounting standards."
  • The Committee's view that "stock options are an element of compensation, and must be treated as an expense like any other compensation item." Click for Entire Report (PDF 333k).

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