Interested in shaping the future of accounting standard setting in Canada? This is your chance.
With the AcSB’s current Strategic Plan in effect until March 2022, the Board is looking ahead and has issued its Draft Strategy Plan for the next five years.
The 2022-2027 Draft Strategic Plan is open for comment, and the deadline to respond by October 15, 2021, is fast approaching. The AcSB wants to hear your views on its proposals to address the changing needs of their stakeholders.
Enhancing Relevance
It has been 10 years since the AcSB established separate standards for different categories of reporting entities in the four parts of the Handbook. Since then, Canada’s financial reporting landscape has evolved considerably.
The current reporting landscape continues to grow in diversity, with each stakeholder group having differing needs. With ongoing changes in the economic environment, many users are also increasingly relying on information reported outside of financial statements to make decisions, adding to the complexity.
The AcSB intends to focus on enhancing the relevance of financial and non-financial information reported, including identifying how best to support Canadian stakeholders beyond traditional financial statements.
As a result, the Plan 2022-2027 proposes the following three strategies:
- Deliver relevant and high-quality accounting standards.
- Demonstrate leadership in reporting beyond traditional financial statements.
- Raise the AcSB’s international influence.
Share Your Feedback. Shape the Plan.
Your feedback to the Draft Strategic Plan 2022-2027 is important. Review the Draft Strategic Plan 2022-2027 and share your feedback on all proposals or the ones most important to you by October 15, 2021, through the following:
- Submit a comment letter
- Participate in a quick poll or survey on Connect.FRASCanada.ca
- Send an email to [email protected]
Following stakeholder outreach and consultation, the AcSB expects to finalize its plan in March 2022 towards an April implementation.