Accounting Standards Board (Canada)

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The Accounting Standards Board (AcSB) was established in 1991 by the Canadian Institute of Chartered Accountants (CICA). It is responsible for setting and maintaining the financial accounting standards used by Canadian companies and not for profit organizations.[1]

History[edit]

The Accounting Standards Board (AcSB) was created by the Canadian Institute of Chartered Accountants (CICA) in 1991 to replace the Accounting Standards Committee. It is responsible for establishing standards of financial accounting and reporting by Canadian companies and not for profit organizations.[1]

Since 2000, the activities of the AcSB have been overseen by the Accounting Standards Oversight Council (AcSOC), who also appoints new members to the board.[2] It chooses members based upon ‘maturing, broad vision, an understanding of accounting theory, and the ability to anticipate and evaluate implications of proposed standards on all sizes of business and different types of industries.”[1]

In 2013 the CICA and the Certified Management Accountants of Canada (CMA) merged to created CPA Canada.[3] CPA Canada continues to fund the operations of the AcSB while offering administrative and other support. The AcSB operates as an independent standard setting organization but is not independent of the accounting profession like other organizations around the world.[2]

See also[edit]

References[edit]

  1. ^ a b c Previts, Gary (2011). Global History of Accounting, Financial Reporting and Public Policy: Americas. Emerald Group Publishing. pp. 70–71. ISBN 0857248111. 
  2. ^ a b Hussey, Roger (2005). International financial reporting standards desk reference : overview, guide, and dictionary. Hoboken, N.J: Wiley. pp. 26–27. ISBN 0471727156. 
  3. ^ McFarland, Janet (October 11, 2013). "Two of Canada's accounting groups agree on national organization". Globe and Mail. Retrieved May 27, 2013. 


External links[edit]