Responsibilities
The responsibilities of the Committee are to:
- identify and advise the AcSB on:
- new topics that should be added to the accounting standards for private enterprises and/or accounting standards for not-for-profit organizations; and
- existing content of the standards that should be clarified, changed, or removed, consistent with the unique needs of private enterprises and/or not-for-profit organizations and their users;
- suggest proposed changes to the standards for consideration by the AcSB, after the AcSB agrees to add to or change the standards; and
- advise the AcSB on managing the accounting standards for private enterprises and accounting standards for not-for-profit organizations (for example research on private enterprise and not-for-profit organization issues, the timing of changes to standards, and the process of communications with interested and affected parties).
Meetings
The Committee holds as many meetings per year as is necessary to carry out its responsibilities. Meetings are not open to the public. A summary of discussions of each Committee meeting will be made available shortly after each meeting.
Members
The Committee consists of:
- a Chair, who is appointed by the AcSB; and
- other members familiar with Canadian accounting standards for private enterprises and not-for-profit organizations and the challenges that the application of those standards may create in Canadian financial reporting.
Members are appointed for an initial three-year term and are eligible for reappointment or extension at the discretion of the AcSB Chair.
Advisory Committee members are experts who reflect the broad diversity of practitioners at medium and small firms in Canada.