AcSB Consultation Paper – Advancing Accounting Standards Together – 2027-2032 Draft Strategic Plan

The AcSB wants your input on its 2027-2032 Draft Strategic Plan.

Our proposed strategies focus on fostering meaningful engagement, delivering high-quality accounting standards, supporting effective implementation and application, and expanding international influence. Your feedback will help ensure our strategies align with your needs and expectations.

Take the survey and help us shape our strategic direction for the next five years!

Background

Read a quick summary of the four proposed strategies and related objectives from our Plan:

Strategy 1: Foster meaningful engagement with interested and affected parties

• Gather a broad range of perspectives to inform the AcSB’s activities and decision-making process.
• Consider our interested and affected parties’ capacity to participate in standard-setting activities and implement accounting standard changes.
• Increase collaboration with other Canadian standard-setting boards.

Strategy 2: Delivery high-quality accounting standards

• Continue to support application in Canada of IFRS^® Accounting Standards for publicly accountable enterprises.
• Continue to establish appropriate accounting standards for private enterprises and not-for-profit organizations.
• Continue to establish appropriate accounting standards for pension plans, which include benefit plans with characteristics similar to pension plans.
• Integrate technological development into our standard-setting work.

Strategy 3: Support the effective implementation and application of accounting standards

• Engage with our advisory committees to identify implementation and application challenges related to IFRS Accounting Standards.
• Make resources available in Canada to support implementation and application of IFRS Accounting Standards.
• Address issues related to implementing and applying our domestic standards that meet the AcSB’s Guidance Framework criteria.
• Initiate our post-implementation review assessment immediately after issuing new domestic standards or major amendments to ensure timely identification of challenges in practice.

Strategy 4: Expand international influence

• Build on our ongoing engagement to ensure Canadian perspectives are considered in the development of IFRS Accounting Standards.
• Expand involvement in other international standards to enrich the development of Canadian domestic standards.