Accounting Standards Oversight Council (AcSOC)

ACCOUNTING STANDARDS

OVERSIGHT COUNCIL ANNUAL REPORT 2013-2014

Connecting Through Dialogue and Action

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AcSOC ANNUAL REPORT 2013-2014 iii

TABLE OF CONTENTS

About AcSOC 1

Message from the Chair 3

AcSOC’s Responsibilities 6Oversee Key Strategic Issues for Canadian Standard Setters 6

Appoint New Members 7

Support Standard Setting and Ensure Due Process 8

Additional Information 12

Memberships 14

Financial Resources 19

AcSOC ANNUAL REPORT 2013-2014iv

Acronyms GuideAcSB: Accounting Standards Board

AcSOC: Accounting Standards Oversight Council

CPA Canada: Chartered Professional Accountants of Canada

FASB: U.S. Financial Accounting Standards Board

IFRS: International Financial Reporting Standard

NFPO: Not-for-profit Organization

PSAB: Public Sector Accounting Board

PSA Discussion Group: Public Sector Accounting Discussion Group

AcSOC ANNUAL REPORT 2013-2014 1

ABOUT AcSOC

The Accounting Standards Oversight Council (AcSOC) has the admirable mission of serving Canadians and the practice of financial reporting by overseeing and providing input into the activities of the Accounting Standards Board (AcSB) and the Public Sector Accounting Board (PSAB).

The AcSB establishes accounting standards for Canadian enterprises and private sector not-for-profit organizations, while PSAB establishes accounting standards for public sector entities and public sector not-for-profit organizations. To execute its oversight responsibilities, AcSOC establishes the terms of reference and appoints the members of the AcSB and PSAB. It provides input into the Boards’ activities and evaluates their performances.

The Council is committed to a neutral, transparent standard-setting process to serve the public interest. Its work is vital to ensuring that confidence in financial reporting in Canada for all private and public sector entities remains strong.

HistoryAcSOC was established in 2000 to oversee the work of the AcSB. In 2003, AcSOC also began to oversee PSAB. The Council supports these two Boards in the setting of standards domestically and in their contribution to the development of internationally accepted standards.

ResponsibilitiesRecognizing that the responsibility to set standards rests with the AcSB and PSAB, AcSOC supports standard setting by: • appointing members to AcSOC, the AcSB, and PSAB, including Chairs and Vice-Chairs;• overseeing the application of due process by the AcSB and PSAB;• providing input to the Boards in terms of strategic direction and priority setting to ensure the AcSB

and PSAB consider the public interest and the needs of all financial statement users when setting standards;

• monitoring and evaluating the performance of both Boards, the fulfilment of their responsibilities, accomplishment of their work programs, and the use and adequacy of available volunteer and staff resources; and

• ensuring the activities of the AcSB and PSAB are responsive to stakeholder needs and free from interference from any source.

AcSOC ANNUAL REPORT 2013-20142

MembershipAcSOC members are selected to ensure the Council reflects a cross-section of backgrounds and points of view, including:• business; • finance; • government; • academia; • the accounting and legal professions; • regulators; and • financial analyst communities.

Its diverse membership enables AcSOC to bring a broad perspective to the issues facing the AcSB and PSAB.

AcSOC Surveys As part of its mandate to evaluate the performance of the AcSB and PSAB, AcSOC routinely surveys relevant stakeholder groups to gather information about their perceptions of the Boards’ performances. The Council is also responsible for publicly reporting once a year on the performance of the two standard-setting Boards it oversees.

WebsiteThe Canadian Financial Reporting and Assurance Standards (FRAS) website – www.frascanada.ca – provides visitors with AcSOC’s annual reports, meeting reports, member lists, terms of reference, and other related materials and contact information.


MESSAGE FROM THE CHAIR

I am pleased to present the Accounting Standards Oversight Council (AcSOC) Annual Report for the 2013-2014 operating year.

Safeguarding the Public InterestAcSOC serves a diverse range of stakeholders, including preparers and users of financial statements, by overseeing and advising the Accounting Standards Board (AcSB) and the Public Sector Accounting Board (PSAB).

It is important to note that AcSOC does not manage these Boards. The AcSB and PSAB act as independent standard setters whose activities and guidance are designed to meet the public interest by instilling confidence in markets,

public institutions and private enterprises.

Instead, AcSOC oversees the Boards’ activities, setting rigorous performance standards for them to ensure independence, integrity, superior quality and adherence to due process, and making high-level recommendations on key issues to ensure that the public interest in considered in all the Boards’ activities. This makes AcSOC an important safeguard to ensure that the Canadian public can have confidence in the standards set by the AcSB and PSAB.

In fact, AcSOC established an ad hoc committee this year to focus on the meaning of “public interest”. At the time of writing, this matter is still being actively considered.

Membership DiversityTo support the notion of the public interest in standard setting, AcSOC’s membership is made up of approximately 25 individuals in senior positions from a wide range of backgrounds who volunteer their time to carry out the oversight role. The diversity of our membership stretches beyond just professional diversity; our members hail from different geographical locations, a number are bilingual and we also ensure there is gender diversity. This helps to ensure a variety of views are shared with the AcSB and PSAB while they undertake the standard-setting process.

2013-2014 InitiativesIn its oversight role, AcSOC oversaw the process for many major initiatives by the AcSB and PSAB.

AcSOC’s commitment to hearing directly from stakeholders and carefully considering their viewpoints or issues has led to the Council providing input on the standard-setting process at both the domestic and international levels.


In Canada, AcSOC’s encouragement of PSAB to engage its stakeholders further led to its recently established Public Sector Accounting (PSA) Discussion Group, which held its initial meeting in September 2013. The PSA Discussion Group meetings have attracted significant public attendance and encouraged meaningful stakeholder dialogue. Stakeholders discussed issues arising from the application of the CPA Canada Public Sector Accounting Handbook. As a result, the Group has already helped resolve a number of issues and informed important PSAB deliberations.

Internationally, the Council has encouraged the AcSB’s actions with regard to the IASB’s controversial insurance contracts proposals. The AcSB has worked diligently to discuss with the Canadian life insurance industry their concerns with these proposals. The AcSB has dedicated significant resources to ensure the industry’s concerns are heard by the IASB, facilitating one-on-one and public meetings on the topic, and consulting with the IASB project team and its own Insurance Accounting Task Force. AcSOC supports the AcSB’s decision to remain dedicated to this project over the next year.

AcSOC’s consistent reinforcement of the importance of reaching out to stakeholders to elicit feedback saw it support the AcSB and PSAB decision to issue their jointly-published Statement of Principles, “Improvements to Not-for-Profit Standards,” in April 2013. The Statement of Principles presented key principles the Boards will consider using to develop new accounting standards for not-for-profit organizations (NFPOs). They did this to enhance the comparability and usability of NFPOs’ financial statements. AcSOC was pleased with the Boards’ extensive outreach to promote this document – their request for input attracted a record response from nearly 300 stakeholders.

These are just some of the initiatives our Boards carried out this year. For more information on the Boards’ work in 2013-2014, see their individual annual reports on the standards website, www.frascanada.ca.

Thank youOn behalf of the Council, AcSOC Vice-Chair Peter Jewett and I should like to express our gratitude toward our volunteer Council members. I should also like to thank the AcSB and PSAB for their standard-setting efforts. We greatly value all stakeholders who generously volunteer their time and share their considerable expertise. We should also like to thank those AcSB, PSAB and AcSOC members who retired between 2013 and 2014 for their valued contributions and welcome our new members.

I want to encourage our stakeholders across the financial reporting process – from preparers, auditors, regulators to users – to continue to participate actively in the standard-setting process. The more thoughtful input we receive from a wide variety of interested stakeholders, the better the resulting accounting standards will be. By working together, our recent and future accomplishments will continue to strengthen Canadian financial reporting and better meet the diverse needs of Canada’s marketplace.

http://www.frascanada.ca


CondolencesFinally, very sadly, I want to extend our deep condolences to the family of Glenn Rioux, our friend and colleague, who passed away at the end of September 2014 after losing a fierce battle against a rare type of acute leukemia. Glenn was Vice President, Standards at CPA Canada. In this role he was responsible to ensure that the accounting and auditing standards boards and the oversight councils were provided all the support needed to perform their duties. He enthusiastically shared his creative ideas and suggestions to ensure that we continued to carry out our responsibilities in the best possible manner. Glenn will be greatly missed by all of us at AcSOC.

Kevin G. NyeChair, Accounting Standards Oversight Council


AcSOC’S RESPONSIBILITIES

Oversee Key Strategic Issues for Canadian Standard Setters

CPA Canada

AccountingStandards Board

Staff

Auditing and AssuranceStandards Board

Staff

AccountingStandards Board

Public SectorAccounting Board

Accounting Standards Oversight Council

Auditing and AssuranceStandards Oversight

Council

Auditing and AssuranceStandards Board

Support

Resources

Oversight

Public SectorAccounting Board

Staff

Relationship between CPA Canada and the standards boards and oversight councils

Developments in standard setting at the global level inevitably affect those national standard setters that adopt international standards. Accordingly, the Accounting Standards Oversight Council (AcSOC) strongly supports the preservation of Canada’s current standard-setting capability and involvement.

The Council supports the Accounting Standards Board (AcSB) in its endeavours to ensure the Canadian viewpoints are considered at the international level in the development of standards for publicly accountable enterprises.

As well, the Council supports the AcSB and the Public Sector Accounting Board (PSAB) as they continue their important standard-setting activities for:• private enterprises;• not-for-profit organizations; and• public sector entities.


AcSOC has a responsibility to ensure the standard-setting activity is not politicized and remains free from undue influence by any stakeholder group.

AcSOC appreciates the level of support provided by CPA Canada to fulfil the AcSB’s and PSAB’s missions. Given continuing needs and increasing demands, the Boards are reviewing resourcing levels and future requirements.

Appoint New MembersThe vital responsibility of appointing new members ensures that AcSOC and the Boards it oversees remain fully populated with knowledgeable, experienced volunteers from diverse backgrounds. AcSOC appoints members following recommendations from its Nominating Committee, whose members work to establish appropriate and balanced representation on the Council and Boards.

Effective April 1, 2014, AcSOC appointed new members and reappointed current members to the Council, the AcSB and PSAB as follows:

AcSOCNew members appointed for three-year terms ending on March 31, 2017:• Paul Cherry, OC, FCPA, FCA, Former IFRS Advisory Council Chair and Former AcSB Chair• Brenda Leong, LLB, British Columbia Securities Commission• David McAusland, LLB, McCarthy Tetrault• Elaine Sibson, FCA, ICD.D, Workers Compensation Board of Nova Scotia• Tom Trainor, CPA, CA, MBA, CFA, CFP, CLU, Hanover Private Client Corporation• Miville Tremblay, MA, MBA, CFA, Bank of Canada

Members reappointed for three-year terms ending on March 31, 2017:• Tim Duholke, FCA, Davis LLP• Robert Herz, CPA (U.S.), Columbia Business School and Former FASB Chair• Dan Thornton, FCPA, FCA, PhD, Queen’s University

AcSBMember reappointed for a three-year term ending on March 31, 2017 and appointed as the AcSB Vice-Chair beginning on February 28, 2014 for the duration of her term:• Karen Higgins, FCPA, FCA, Deloitte & Touche LLP Canada

New member appointed for a three-year term ending on March 31, 2017:• Paul Hargreaves, CPA, CMA, BC Dairy Association

Member reappointed for a two-year term ending on March 31, 2016:• Brian Drayton, FCA, B.Comm, CMC, MNP LLP

Member reappointed for a three-year term ending on March 31, 2017:• Michel Magnan, MBA, PhD, FCPA, FCA, ASC, C.Dir., John Molson School of Business (Concordia

University)


PSABMember reappointed for a three-year term ending on March 31, 2017 and appointed as the PSAB Vice-Chair beginning on February 28, 2014 for the duration of his term as a PSAB member:• Andrew Newman, CPA, CA, KPMG LLP

New member appointed for a three-year term ending on March 31, 2017:• Bill Cox, CPA, CA, BDO Canada LLP

Member reappointed for a two-year term ending on March 31, 2016:• France Alain, CPA, CA, Office of the Auditor General of Québec

Members reappointed for three-year terms ending on March 31, 2017:• Mike Ferguson, FCA, Auditor General of Canada• Russ Jones, CA, MBA, Office of the Auditor General of British Columbia

Support Standard Setting and Ensure Due ProcessAs per AcSOC’s responsibilities, the diverse views of Council members support the standard-setting process in terms of strategic direction and priority setting for national programs. Providing this input helps the AcSB and PSAB ensure that wider policy considerations factor adequately into their deliberations.

To carry out these responsibilities appropriately, AcSOC:• recognizes that the responsibility to set accounting standards rests with the AcSB and PSAB;• oversees the application of due process by the AcSB and PSAB;• provides input to the Boards in terms of strategic direction and priority setting to ensure that the

AcSB and PSAB consider the public interest and the needs of all financial statement users when setting standards; and

• ensures the activities of the AcSB and PSAB are responsive to stakeholder needs and free from interference from any source.

AcSB

The AcSB met the key objectives in its 2013-2014 Annual Plan. The Board made significant progress towards achieving the broader objectives in its 2011-2016 Strategic Plan and long-term goals.

AcSOC is satisfied that due process was followed in planning and executing the AcSB’s initiatives between 2013 and 2014.


The Council provided input to the AcSB to ensure that the public interest was considered on such key matters as:• strategic planning; • IFRS adoption and development;• U.S. Financial Accounting Standards Board (FASB) relations;• responsiveness to stakeholder needs on such matters as the IASB’s insurance contracts

proposals; and• major improvements to standards for private enterprises.

PSAB

PSAB achieved the majority of the objectives set out in its 2013-2014 Work Plan and focused on strengthening stakeholder relationships.

AcSOC is satisfied that due process was followed in planning and executing PSAB’s initiatives between 2013 and 2014.

The Council provided input to PSAB to ensure that the public interest was considered on such key matters as:• balancing standards development with implementation issues;• the establishment of the PSA Discussion Group to support responsiveness to stakeholder needs;• PSAB’s Conceptual Framework; and • the government transfers project.

AcSB and PSAB Joint InitiativesAcSOC encouraged the Boards to work together on:• updating accounting standards for not-for-profit organizations; and• risk analyses to guide future planning and operational decisions.

Hear Directly from StakeholdersAs part of AcSOC’s responsibility to serve the public interest, AcSOC meetings provide a venue in which, by prior arrangement, interested parties may make a presentation on current financial reporting issues. Such presentations, and ensuing discussion amongst presenters, AcSOC members and Board representatives, can provide valuable input to the AcSB and/or PSAB’s decision making and AcSOC’s oversight role.


The following presenters from a broad variety of Canadian enterprises and institutions made presentations during the 2013-2014 operating year:

June 2013• Paul Cherry, Chair, IFRS Advisory Council• Paul McCrossan, Consultant and actuary

October 2013• Yvon Charest, President and CEO, Industrial Alliance Insurance and Financial Services Inc.• Paul Cherry, Chair, IFRS Advisory Council• Steve Easson, Vice President and Chief Actuary, Canadian Life and Health Insurance Association

Inc.• Sheila Fraser, Trustee, IFRS Foundation • Steve Roder, Senior Executive Vice President and CFO, Manulife Financial Inc.• Frank Swedlove, President, Canadian Life and Health Insurance Association Inc.• Axel Thesberg, former Canadian Managing Partner, Assurance Centre and Professional Practice,

KPMG LLP, CPA Canada consultant• John Wiersema, Member, International Auditing and Assurance Standards Board• Bruce Winter, Member, International Auditing and Assurance Standards Board

If you are interested in presenting at an AcSOC meeting, please contact:

Harry Klompas, CPA, CASecretary, AcSOCPhone: +1 (416) 204-3236Email: [email protected]

Monitor and Evaluate PerformanceAcSOC ensures the standard-setting activities undertaken by the AcSB and PSAB meet Canada’s needs by monitoring and evaluating their performances against the year’s strategies and priorities. This work includes assessing the fulfilment of the Boards’ respective responsibilities, accomplishment of their work programs, and the use and adequacy of available volunteer, staff and financial resources.

AcSBFor the year ended March 31, 2014, AcSOC determined that the AcSB achieved the key objectives in its 2013-2014 Annual Plan.

For example: • The AcSB’s contribution to the IASB interim standard on rate regulation removed one of the last

barriers to complete IFRS adoption by publicly accountable enterprises in Canada. • The AcSB’s active participation in the IASB’s new Accounting Standards Advisory Forum reflects

the IFRS Foundation’s and the IASB’s high regard for the AcSB.

mailto:[email protected]


• Accounting standards for private enterprise remain well established and continue to function without significant concerns.

AcSOC congratulated the AcSB on its performance during the 2014 fiscal year in spite of challenging circumstances. The Council is satisfied that the Board remains on track to achieve the objectives in its 2011-2016 Strategic Plan.

PSABFor the year ended March 31, 2014, AcSOC determined that PSAB generally had a successful year; it mainly achieved the objectives set out in its Work Plan.

For example: • PSAB’s PSA Discussion Group held two highly successful meetings and attracted numerous

experts with diverse backgrounds. The PSA Discussion Group has already helped resolve issues and influenced PSAB deliberations.

• Delays in some projects were caused by the need for balance between the time afforded to the development of the standard and the need for additional consultation with stakeholders. PSAB readjusted project development timelines to recognize the ongoing need for balancing among progress, independence and accommodating stakeholder concerns.

AcSOC commended the PSAB Chair and Director on the information that was provided for assessing the Board’s performance.


ADDITIONAL INFORMATION

Communications

www.frascanada.ca homepage

Stakeholders were successfully informed of new standards and initiatives. • Stakeholder Consultation: To educate and engage thousands of stakeholders, the AcSB and

PSAB organized live webinars and roundtable meetings, made presentations, participated in and led face-to-face discussions, and undertook online efforts and email communications. Their outreach efforts resulted in tremendous stakeholder feedback and constructive dialogue.

• Website: The standards website, www.frascanada.ca, remains a cornerstone of both the Boards’ and Council’s communications programs. In a recent survey, the vast majority of stakeholders




reported they felt satisfied with the website. Ongoing updates are made to the website and its content to align with stakeholders’ feedback.

• Newsletter: The launch of The Standard, a weekly enewsletter tailored to stakeholders’ preferences, took place in June 2013. The Standard consistently earns higher-than-industry-average readership and exceptionally positive stakeholder feedback as an informative resource. Subscribe via www.frascanada.ca/subscribe.

• External Relations: New additions to the robust communications strategy include a monthly CPA Magazine column, Standards Speak, and research into social media as a potential communication platform for AcSOC, the AcSB and PSAB.

http://www.frascanada.ca/subscribe


MEMBERSHIPS

[Seated Left to Right (L-R): Tricia O’Malley, Rod Monette, Kevin Nye, Peter Jewett, Linda F. Mezon, Harry Klompas; Standing L-R (middle row): Richard Neville, Laura Talbot, Tim Beauchamp, Robert Herz, Martha Tory, Annie Giraudou, Steve Belanger, Michael Ptasznik, Paul Cherry; Standing L-R (back row): Dan Thornton, Mark Mettrick, Brian Fiedler, Bob Muter, Neil Le Blanc, Marcel Lauzière, Tom Duholke, Phil Howell, Howard Atkinson, Dale Gislason, Peter Martin]

Accounting Standards Oversight CouncilKevin G. NyeCHAIRRoyal Bank of CanadaToronto

Peter Jewett, LLBTory’s Corporate and Capital Markets PracticeToronto

Howard Atkinson, CFA, CIMA®, ICD.DHorizons Exchange Traded Funds Inc.Toronto(Membership ended March 2014)

Steve Belanger, FCABDO Canada LLPSt. John’s

Paul Cherry, OC, FCPA, FCAConsultantSaint John(Voting member since January 2014)

Tim Duholke, FCADavis LLPVancouver

Brian Fiedler, CPA, CA, B.CommGive & Go Prepared FoodsToronto

Lois Fine, CPA, CGAYWCAToronto(Member since April 2013)


Annie Giraudou, CPA, CA, MBA, FLMI, CFSA, ACSIvanhoe Cambridge Inc.Montreal(Member since April 2013)

Dale Gislasan, FCGAGislasan Targownik PetersWinkler

Robert Herz, CPA (U.S.), BA EconomicsColumbia Business School and Former FASB Chair,South Orange, New Jersey, U.S.A.

Philip Howell, MSc EconFinancial Services Commission of OntarioToronto(Membership ended March 2014)

Marcel Lauzière, MAImagine CanadaToronto

Neil Le Blanc, B. CommN. Le Blanc Enterprises Ltd.Wedgeport

Mark Mettrick, CFA, MBAStandard & Poor’sToronto(Membership ended March 2014)

Louis Morisset, LLBAutorité des marchés financiersMontreal(Membership ended March 2014)

Bob Muter, FCPA, FCAToronto

Richard Neville, FCPA, FCAAlterna SavingsOttawa

Tricia O’Malley, FCPA, FCAConsultantToronto(Member since April 2013)

Michael Ptasznik, CPA, CMA, BBA (Hons), C.Dir.TMX GroupToronto(Member since April 2013)

Laura Talbot, FCPA, FCMA, MBA, ICD.D/IAS.ATalbotAllan Consulting GroupKingston(Membership ended March 2014)

Dan Thornton, FCPA, FCA, PhDQueen’s UniversityKingston

Martha Tory, FCPA, FCA, CMCErnst & Young LLPToronto(Member since April 2013)

Chris Trumpy, CGA, B.CommPacific Carbon Trust (Membership ended March 2014)

Non-Voting

Tim Beauchamp, CMADirector, Public Sector Accounting BoardToronto

Paul Cherry, OC, FCPA, FCAChair, IFRS Advisory CouncilLondon, U.K.(Non-voting membership ended December 2013)

Gord Fowler, FCPA, FCAChair, Accounting Standards BoardToronto(Membership ended June 2013)

Peter Martin, CPA, CADirector, Accounting Standards BoardToronto

Linda F. Mezon, FCPA, FCA, CPA (MI)Chair, Accounting Standards BoardToronto(Member since July 2013)

Rod Monette, FCPA, FCA, MBA, BSc.Chair, Public Sector Accounting Board


Glenn Rioux, CPA, CAVice-President, Standards, CPA CanadaToronto(Member since April 2013)

Staff Support

Harry Klompas, CPA, CAAccounting Standards BoardToronto

AcSOC Nominating Committee

Peter Jewett, LLBCHAIRTory’s Corporate and Capital Markets PracticeToronto

Howard Atkinson, CFA, CIMA®, ICD.DHorizons Exchange Traded Funds Inc.Toronto(Membership ended March 2014)

Marcel Lauzière, MAImagine CanadaToronto

Dan Thornton, FCPA, FCA, PhDQueen’s UniversityKingston

Chris Trumpy, CGA, B.CommPacific Carbon Trust (Membership ended March 2014)

Staff Support


AcSOC Performance Review Committee

Bob Muter, FCPA, FCACHAIRToronto

Tim Duholke, FCADavis LLPVancouver

Robert Herz, CPA (U.S.), BA EconomicsColumbia Business School and Former FASB ChairSouth Orange, New Jersey, U.S.A.

Mark Mettrick, CFA, MBAStandard and Poor’sToronto(Membership ended March 2014)

Richard Neville, FCPA, FCAAlterna SavingsOttawa

Staff Support



Accounting Standards BoardLinda F. Mezon, FCPA, FCA, CPA (MI)CHAIRAccounting Standards BoardToronto(Former Vice-Chair appointed as Chair July 2013)

Gord Fowler, FCPA, FCACHAIRAccounting Standards BoardToronto(Membership ended June 2013)

Karen Higgins, FCPA, FCAVICE-CHAIRDeloitte & Touche LLPToronto(Existing member appointed as Vice-Chair February 2014)

Anish Chopra, FCPA, FCA, CPA (U.S.), CFA, CBVTD Asset Management Inc.Toronto(Member since April 2013)

Brian Drayton, FCA, B.Comm, CMCMNP LLPRegina

Lara Gaede, CA, CFAAlberta Securities CommissionCalgary

Gale Kelly, FCPA, FCAKPMG LLPToronto

Michel Magnan, MBA, PhD, FCPA, FCA, ASC, C.Dir.Concordia UniversityMontreal

Jocelyn Patenaude, CPA, CA Behna, Cormier, Gougeon, Ouellette s.e.n.c.r.l.Montreal

Adam Sheparski, CA Sobey’s Inc.Stellarton

Non-Voting

Paul Cherry, OC, FCPA, FCAChair, IFRS Advisory CouncilLondon, U.K.(Membership ended December 2013)

Peter Martin, CPA, CADirector, Accounting Standards BoardToronto


Staff Support



Public Sector Accounting BoardRod Monette, FCPA, FCA, MBA, BSc.CHAIR Public Sector Accounting BoardToronto

Andrew Newman, CPA, CAVICE-CHAIRKPMG LLPOttawa(Existing member appointed as Vice-Chair February 2014)

France Alain, CPA, CAVérificateur général du QuébecQuébec

Mike Ferguson, FCAOffice of the Auditor General of CanadaOttawa

Russ Jones, CA, MBAOffice of the Auditor General of British ColumbiaVictoria

Murray Lindo, CPA, CMAOffice of the Provincial Controller DivisionToronto(Member since April 2013)

Margaret MacDonald, LL.BNova Scotia Department of Finance and Treasury Board Chief Information Office of Nova ScotiaDartmouth(Member since April 2013)

Bill Matthews, CPA, CATreasury Board of Canada SecretariatOttawa(Member since April 2013)

Mike Ruta, FCACity of WinnipegWinnipeg

Robert Siddall, CPA, CAMetrolinxToronto

Cam Weldon, CPA, CACity of Toronto (Retired)Toronto

Tim Wiles, CACredit Union Deposit Guarantee CorporationEdmonton

Non-Voting

Tim Beauchamp, CMA Director, Public Sector AccountingToronto


Staff Support

Lydia So, CPA, CA, MBA Public Sector Accounting BoardToronto


FINANCIAL RESOURCES ($ THOUSANDS)

Accounting Standards Oversight Council

Accounting Standards Board

Public Sector Accounting Board

2013/2014 2012/2013 2013/2014 2012/2013 2013/2014 2012/2013Expenses Actual Budget Actual Actual Budget Actual Actual Budget ActualHuman Resources 49 47 47 2,864 2,798 2,845 1,294 1,383 1,347

Meetings and Travel Costs

101 99 110 377 471 294 183 282 199

Translation Costs 21 31 19 364 516 383 112 177 134

Occupancy Costs - - 0 229 229 224 91 91 75

Other administrative/operating costs, less recoveries

16 12 17 55 81 36 139 128 116

TOTAL 187 189 193 3,889 4,095 3,782 1,819 2,061 1,871

Accounting Standards Oversight Council277 Wellington Street WestToronto, Ontario M5V 3H2

Canada

Email: [email protected]

www.frascanada.ca

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Accounting Standards Oversight Council (AcSOC)

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