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The Accounting Standards Board (AcSB) is an independent body with the authority to establishaccounting standardsfor use by all Canadian entities outside the public sector. We serve the public interest by establishing standards for financial reporting by all Canadian private sector entities and by contributing to the development of internationally accepted financial reporting standards. As an independent body, we develop and maintain Canadian accounting standards to support informed economic decision making by financial statement users through maintaining a framework that provides a basis for high-quality information about financial performance reported by Canadian private sector entities. Accounting standards specify how transactions and other events are to be recognized, measured, presented and disclosed in financial statements. We use Connect.FRASCanada.ca to consult with our stakeholders on proposed IFRS® Standards and domestically-set standards for private enterprises, private sector not-for-profit-organizations and pension plans. After consultation, our final standards are published in the CPA Canada Handbook – Accounting.