The Accounting Standards Oversight Council (AcSOC) is an independent, volunteer body established in 2000 to serve the public interest by overseeing and providing input into the activities of the Accounting Standards Board (AcSB). In 2003, AcSOC started overseeing and providing input into the activities of the Public Sector Accounting Board (PSAB).
We serve the public interest by playing a key role in Canadian financial reporting by:
- providing input to the AcSB and PSAB in terms of strategic direction and priority setting to ensure the Boards consider the public interest and the needs of all financial statement users when setting standards; and
- ensuring the Boards followed due process.
Responsibilities
We, among other things, are responsible for monitoring and evaluating the performance of both Boards, and appointing members to AcSOC, the AcSB and PSAB, including Chairs and Vice-Chairs. See our Terms of Reference.
Members
We are comprised of between 20 and 25 voting members, including five non-voting members. View current AcSOC members.
Membership consists of senior members from:
- business;
- finance;
- government;
- academia;
- accounting and legal professions;
- regulators;
- private sector not-for-profits; and
- financial analyst communities.
Our members have a broad perspective of the complex issues facing standard setters.
Meetings
We normally meet three times a year. Additional meetings and conference calls may take place.
With the exception of administrative matters, meetings are generally open to public observation.
Check out our timelines for an overview of the Council’s yearly planned activities.
Our relationship with CPA Canada
Chartered Professional Accountants of Canada (CPA Canada) provides funding, staff and other resources to support Canada’s standard-setting process.
CPA Canada and AcSOC function at arm’s length from one another. As a result, we carry out our operations in an independent manner.
CPA Canada and AASOC function at arm’s length from one another. As a result, we carry out our standard-setting operations in an independent manner.
