By Stewart Lewis
(October 24 – 11:10 ET) – The newly established Accounting Standards Oversight Council is looking for public and business input. Inviting comments on all aspects of accounting standards and standard setting will be an ongoing priority says AcSOC.
The council serves the public interest by overseeing and providing comments to the activities of the Accounting Standards Board, which is responsible for establishing standards of accounting and reporting by Canadian companies and not-for-profit organizations.
“This new council plays an important proactive and hands-on role,” says council chairman Thomas Allen. “As we move towards a global alignment of standards, we want to ensure that a Canadian perspective is reflected. Canada is recognized as a leading standard setter by the rest of the world and it is our responsibility to support, guide and monitor the board responsible for setting these standards. Since we report to the public annually on the activities of AcSOC, it is important to invite them to play an active role.”
The council will hold its second meeting in Vancouver on January 12, 2001. On the agenda for the meeting will be the convergence of accounting standards, the role of Canadian GAAP and the AcSB’s project priorities.
Investors, users of financial information, financial executives of Canadian corporations and their auditors are welcome to send comments on any aspect of accounting standards and standard setting to Mr. Thomas I. Allen, Chairman, Accounting Standards Oversight Council, 277 Wellington Street West, Toronto, Ont., M5V 3H2.