as with the recent release of a jointly-issued converged standard on revenue recognition. But,
increasingly, they are coming to different conclusions on key aspects of their remaining joint
projects.
That said… the AcSB and FASB have taken steps to achieve closer contact in the last year.
FASB’s chair and I, together with members from both boards, now meet periodically to provide
updates and exchange views on global issues.
By participating in various global standards activities, we are continuing to seek ways to
influence the IASB and FASB to narrow the differences between their standards.
Other key projects for the AcSB
We currently have a very important initiative ramping up: developing our next strategic plan,
which would cover the years 2016 through 2021. To develop this, the board and its staff will be
undertaking two main tasks.
First, we’ve undertaken a review of the effects of applying our current strategy, which is that
we have separate sets of standards for publicly accountable enterprises, private enterprises,
NFPOs, and pension plans. Our review of this strategy began back in 2010 when the AcSB
started monitoring the experiences Canadians faced as they moved to apply IFRS, ASPE, and the
other standards. We believe that this current strategy still holds true, and we will be continuing
with these separate frameworks—in line with our belief that one size doesn’t fit all.
Next, the AcSB will build on our findings from this review by identifying how we can better
implement our various financial reporting strategies. We’ll then develop a draft of our next
strategic plan, which will be issued for public comment in 2015.
We look forward to hearing from our
stakeholders and working with them on this
initiative.
Additional information
Keep up with the AcSB and its
activities by:
• isiting www.frascanada.ca
V
regularly, and
• ubscribing to The Standard, a
S
weekly email from the
standards boards and
oversight councils that can be
tailored to the standards news
you want—from IFRS to ASPE
to CASs—via
www.frascanada.ca/subscribe.
Mertens Valuation Services Ltd.
Independent Expert Advice
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related services for the past 10 years. Rick is located in
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Rick is committed to providing high quality service in a
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Rick Mertens, CBV, CPA, CGA
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604-518-7551 | [email protected]
www.mertensvaluation.com | facebook.com/mertensvaluation
www.linkedin.com/in/rickmertens
36 CPABC in Focus • Sept/Oct 2014