TORONTO, April 7 /CNW/ - Volunteers from across Canada will serve on a new committee to advise the Accounting Standards Board (AcSB) on future changes to accounting standards for private enterprises in Canada. The Private Enterprise Advisory Committee represents a broad cross-section of those affected by these new standards - including financial statement users, financial statement preparers and accounting professionals.
In December 2009, the AcSB issued new accounting standards for private enterprises. Private enterprises have the option to adopt these made-in-Canada standards developed specifically for private enterprises or International Financial Reporting Standards. While transition to one of these options is required for years beginning on after January 1, 2011, early adoption is permitted and some enterprises are taking advantage of the permission to adopt the new standards.
Committee members will advise the AcSB on areas in the standards that require improvement and additional topics that should be addressed, as well as issues arising in practice where implementation guidance might be helpful. The Committee is expected to play an important role in ensuring that these new standards keep pace with the dynamic and changing needs of private enterprises in Canada.
"We are grateful to the many skilled individuals who volunteered to offer their expertise and hands-on knowledge of this vital sector of the Canadian economy," said Brian Drayton, Chair of the Committee and a member of the AcSB. "Being able to draw on the expertise and knowledge of the Advisory Committee will permit the AcSB to ensure that the standards grow and change to meet the needs of the private sector."
The Accounting Standards Board establishes financial accounting and reporting standards for use by Canadian companies and not-for-profit organizations. It participates in the development of internationally accepted accounting standards. The Board sets its financial accounting and reporting standards after an extensive process of consultation with organizations and individuals that are interested in or affected by the standards. The standards contribute to enhanced decision making by continually improving the quality of financial and other information about organizational performance reported by Canadian entities. www.ascbcanada.org
SOURCE Accounting Standards Board (AcSB)
For further information: For further information: or to arrange an interview, contact: Lisa Pretty, Communications Manager, Standards, (416) 204-3482, Lisa.Pretty@cica.ca