Purpose
The purpose of the Committee is to assist the AcSB in understanding how users, including investors and investment professionals, credit granters in financial institutions, equity and credit analysts, and rating agencies, use financial information. The Committee is also intended to assist the AcSB by providing advice on standard-setting priorities, and on specific agenda projects.
Feedback from the user community will assist the AcSB in developing high-quality accounting standards that provide useful and reliable information at reasonable cost. The AcSB evaluates all proposals in terms of their expected costs and benefits. The views of the Committee are expected to be particularly helpful to the AcSB in evaluating the potential benefits of proposed new and revised disclosures.
Process
In the early phases of a project, the AcSB expects the Committee would provide its views to help identify issues, alternative approaches, and priorities. As a project moves through the deliberative process, the Committee will be consulted on key issues, particularly as they affect users of financial statements. After the AcSB has issued an exposure draft, the AcSB might consult the Committee regarding comments received from users and others.
Membership
Membership of the User Advisory Committee will generally comprise a Chair, Vice Chair and 20-30 professionals representing a variety of investment and analytical disciplines. Barring unusual circumstances, the Committee meets three times a year. Meetings are not open to the public.
In addition to members, the AcSB’s Chair and Director, Accounting Standards, attend the Committee’s meetings. Other individuals participate in the meetings, including:
- Representatives of the Canadian Securities Administrators;
- Anne Marie Landry – Alberta Securities Commission; and
- Sophie Yelle – Autorité des marchés financiers.
How to provide input
The AcSB is keen to hear from and discuss with constituents any concerns with or observations on current accounting standards, items on its technical agenda and potential agenda items. The AcSB would also like to identify significant accounting issues on which users are of the view that the AcSB should provide additional or revised guidance. If possible, the AcSB would like to enhance the information currently available to users.