The Accounting Standards Oversight Council (AcSOC) held a hybrid meeting on June 4, 2024. The following notes relate to the public session.
Call to Order
Following an in-camera session for members only, AcSOC Chair Lorraine Moore called the meeting to order at 1:52 p.m. (EST).
Approval of Meeting Minutes from February 27, 2024
AcSOC approved the minutes as presented.
Chair’s Remarks
Ms. Moore shared a land acknowledgment and acknowledged that this would be the final AcSOC meeting before oversight is transferred to the Reporting and Assurance Standards Oversight Council (Oversight Council) on July 1, 2024. Ms. Moore read a message of thanks on behalf of AcSOC Vice-Chair George Addy.
Performance Review Committee Update
Performance Review Committee Chair Clare Isman provided a high-level overview of the Committee’s May 15 meeting. The Committee met to review the AcSB’s and PSAB’s 2023-2024 internal Performance Reports and the finalized 2023-2024 external Annual Reports.
The Boards’ volunteer-assessment results were shared for information. The AcSB and PSAB met expectations included in their 2023-2024 Annual Plans. Improvements were noted in the Boards' reporting processes over the last few years. The Performance Review Committee raised no significant issues regarding the performance assessment or the Annual Reports for either Board.
AcSB 2023-2024 Performance Report and Chair’s Update
AcSB Chair Armand Capisciolto provided an overview of the 2023-2024 Board performance. The Board accomplished the goals in its 2023-2024 Annual Plan. The Board is considering issuing a re-exposure for the Contributions –Revenue Recognition and Related Matters project. The feedback from interested and affected parties supports the re-exposure of the project in a new direction.
Mr. Capisciolto was pleased with the outreach the AcSB conducted last year. It helped him transition to the Chair’s role and move projects forward.
A guidance framework is being developed in 2024-2025 to address the need for increased guidance regarding emerging issues and application issues in Parts II and III of the CPA Canada—Handbook Accounting. The types of groups requesting guidance were discussed by the Council.
The AcSB will also spend more time developing decision summaries that articulate the Board's decisions and rationale to increase transparency for the public. Supplemental documents shared with AcSOC included the Board’s full performance report and external Annual Report.
It was moved by Clare Isman, seconded by Shelley Brown;
Be it resolved:
That the Accounting Standards Oversight Council confirms the AcSB met expectations for 2023-2024 and that the external Annual Report adequately reflects the Board’s 2023-2024 performance outcomes.
Carried.
PSAB 2023-2024 Performance Report and Chair’s Update
PSAB Chair Clyde MacLellan provided an overview of the 2023-2024 Board performance. The Board accomplished the goals in its 2023-2024 Annual Plan. The Indigenous Advisory Group held its inaugural meeting in March in support of the Board’s Indigenous engagement strategy. The Employee Benefits project continues to progress, with a significant project milestone achieved in March when the Board agreed in principle to a targeted re-exposure. A re-exposure draft will focus on substantive questions rather than the whole standard.
The Intangible Assets project started with staff reviewing the International Public Sector Accounting Standard 31, Intangible Assets, for the proposed modification. PSAB continues to collaborate with the Canadian Sustainability Standards Board and the International Public Sector Accounting Standards Board on sustainability in the public sector. Supplemental documents shared with AcSOC included PSAB’s full performance report and external Annual Report.
It was moved by Clare Isman, seconded by Jocelyn Patenaude;
Be it resolved:
That the Accounting Standards Oversight Council confirms PSAB met expectations for 2023-2024 and that the external Annual Report adequately reflects the Board’s 2023-2024 performance outcomes.
Carried.
Adjournment
Ms. Moore thanked the Board Chairs for their presentations and shared reflections on the AcSOC’s achievements over the last few years. She also thanked the volunteers and staff for their dedication and contributions.
Having no other business, the meeting was adjourned at 3:49 p.m.