User:Standards setters/Accounting Standards Oversight Council

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The Accounting Standards Oversight Council (AcSOC) was established in 2000 by the Canadian Institute of Chartered Accountants (CICA) to serve the public interest by overseeing and providing input to the activities of the Accounting Standards Board (AcSB). Commencing in 2003, the AcSOC also oversees and provides input to the activities of the Public Sector Accounting Board (PSAB).

The AcSB is responsible for establishing standards of accounting and reporting by Canadian companies and not-for-profit organizations. The AcSB has responsibility for an Emerging Issues Committee (EIC). The PSAB is responsible for establishing accounting standards for the public sector.

The AcSOC was established following the recommendation of a CICA Task Force on Standard Setting (TFOSS). TFOSS issued its final report in May 1998, after almost two years of deliberation and extensive consultation. TFOSS reviewed the structure and processes for developing accounting standards and guidance when it was appointed, and concluded that the structures and processes were no longer adequate to meet future needs.

The AcSOC's terms of reference state that it will support the setting of accounting standards by the AcSB and PSAB domestically and contribute to the development of internationally accepted standards. The AcSOC will also provide opportunities for the public to comment on all aspects of accounting setting and will report to the public annually on the performance of the AcSB and PSAB. The responsibilities of the AcSOC include:

Supporting the principle of private sector standard setting by the AcSB, following appropriate due process.
Supporting the principle of public sector standard setting by the PSAB, following appropriate due process.
Establishing a Nominating Committee to appoint individuals for membership on the AcSB and PSAB, including the respective Chairs and, where applicable, Vice-Chairs, and for recommending membership on the AcSOC itself.
Considering and, if approved, ratifying the appointments to the EIC made by the AcSB.
Providing input to the AcSB and PSAB, primarily in terms of the strategic direction and priorities of those bodies. The AcSOC will endeavour to ensure the AcSB and PSAB bear in mind that the needs of users of financial information should be met and the most appropriate issues should be addressed in a suitable manner.
Informing the AcSB and PSAB of the views of the diverse groups represented on the AcSOC, as well as the views of other individuals or groups with an interest in accounting standards. The AcSOC recognizes that the authority to set accounting standards for the private and public sectors rests with AcSB and PSAB, respectively.

The AcSOC is empowered by the CICA to take such reasonable actions as are necessary to carry out its responsibilities. The AcSOC shall establish a Nominating Committee and any other committee of assistance to carry out the AcSOC's responsibilities.

The AcSOC will normally comprise not fewer than twenty and not more than twenty-five volunteer voting members.

The AcSOC will also include the following non-voting members:

The Chairs of the AcSB and PSAB;
The Vice-President, Standards of the CICA;
The Director, Accounting Standards;
The Director, Public Sector Accounting Standards; and
The International Accounting Standards Board member with responsibilities for liaison with the AcSB.

The AcSOC membership consists of, inter alia, senior members from business, finance, government, academe, the accounting and legal professions, regulators, and the financial analyst communities. The members have a broad perspective of the complex issues facing standard-setters.

The CICA funds the AcSOC and also provides all the necessary administrative and other support.

The AcSOC normally meets three or four times a year. At the discretion of the AcSOC Chair, meetings are generally open to public observation. See Guidelines for Observers.