(February 1 – 15:30 ET) – The Accounting Standards Oversight Council briefed local businesses and financial communities on its role and received presentations from individuals and organizations on accounting standards issues in public sessions held in Vancouver and Calgary in January.

In Vancouver, the AcSOC heard a submission from CGA Canada, which suggested that Canada should adopt international accounting standards, and the Credit Union Central of B.C. who made a presentation on the uniqueness of credit unions. The Institute of Chartered Accountants of B.C. applauded the creation of AcSOC and the move to harmonize accounting standards.

At a separate private AcSOC meeting in Vancouver, the international harmonization of accounting standards was discussed. The Council considered whether the Handbook of the Canadian Institute of Chartered Accountants should permit Canadian entities to adopt U.S. or International Accounting Standards Committee standards.

As a first step to internationally harmonizing accounting standards, the board is working to eliminate existing Canadian/U.S. GAAP differences and to avoid creating any new differences. The board has concluded that it should continue with its stated harmonization objective and practices, but not pursue the adoption of U.S. GAAP or IASC standards at the present time.

In Calgary, presentations covered many topics including: financial reporting by enterprises operating in the extractive industries, challenges in applying GAAP and the need to apply it cost effectively, and fair value accounting proposals.

“While AcSOC’s main role is to oversee the activities of the Accounting Standards Board, we serve all Canadian businesses by playing a hands-on role,” says chair Thomas Allen. “Meeting and hearing from organizations across Canada greatly enhances our ability to support accounting standards nationally and contribute to the development of internationally accepted standards.”

AcSOC’s next meeting is in Toronto on May 4. On the agenda for the meeting will be the consideration of a report on the discharge of AcSB’s responsibilities during the past year and convergence of accounting standards. The chairs of the IASC and the US Financial Accounting Standards Boards will also participate in this next meeting.