Annual Plan

Transcription

1 Accunting Standards Bard Annual Plan

2 Table f Cntents Abut the Accunting Standards Bard 2 Overview AcSB bjectives, activities and perfrmance indicatrs 3 Publicly accuntable enterprises 4 Private enterprises 7 Nt-fr-prfit rganizatins 8 Pensin plans 9 Glbal cntributins 10 Cmmunicatins 10 Research 11 Due prcess 12 Appendix Organizatin chart 14 AcSB s Annual Plan

3 Abut the Accunting Standards Bard The Accunting Standards Bard (AcSB) is an independent bdy with the authrity t establish accunting standards fr use by all Canadian entities utside the public sectr. Accunting standards specify hw transactins and ther events are t be cmmunicated in an entity s financial statements. Overview The accunting standards issued by the AcSB are included in the fur parts f the CPA Canada Handbk Accunting (Handbk): Part I Internatinal Financial Reprting Standards (IFRSs), as issued by the Internatinal Accunting Standards Bard (IASB), are applied by publicly accuntable enterprises in Canada; Part II accunting standards fr private enterprises (ASPE); Part III accunting standards fr nt-fr-prfit rganizatins (NFPOs); and Part IV accunting standards fr pensin plans. In the AcSB Strategic Plan, we cncluded, and Canadians strngly agree, that the verall strategies adpted fr the fur categries f reprting entities are meeting stakehlder needs. We think we can d even better -- nt nly by listening t what ur stakehlders say they need, but als by staying attuned t the Canadian financial reprting envirnment t anticipate changes in stakehlder needs. As a result, ur strategic plan fcuses n making cntinuus imprvements t the way we implement ur strategies. The key elements f the AcSB s Strategic Plan cnsidered fr this annual plan are summarized in the chart belw. Overarching strategic gal Retain separate strategies fr each categry f reprting entity in Canada s private sectr Categry Strategy Objectives Page Publicly accuntable Supprt the applicatin in Influence future internatinal standards by maintaining and leveraging Canada's 4 enterprises Canada f strng reputatin internatinally. IFRSs. Stakehlders apply new and existing IFRSs effectively. AcSB s Annual Plan

4 Overarching strategic gal Retain separate strategies fr each categry f reprting entity in Canada s private sectr Categry Strategy Objectives Page Differences in glbal standards are narrwed, including alignment f adptin dates fr new IFRSs. Private enterprises Retain and imprve the Part II cntains a high-quality set f standards that: 7 standards in Part II. prduces decisin-useful infrmatin; is cmplete; and supprts the exercise f prfessinal judgment while prviding sufficient guidance t result in cnsistent applicatin. Private enterprises apply new and existing standards effectively. NFPOs Retain and imprve the Imprvements t the Part III standards cnsider stakehlder input and the unique 8 standards needs f NFPOs. in Part III. The needs f NFPOs are met fllwing changes made t ASPE. Pensin plans Retain the standards Part IV standards meet the needs f this sectr. 9 in Part IV AcSB expected activities and perfrmance indicatrs Our bjectives, relative t the strategies in the AcSB Strategic Plan, are set ut belw. Plans fr each f the majr categries f reprting entities in Canada s private sectr are set ut under separate headings, fllwed by plans fr ur glbal cntributin, cmmunicatins, research and due prcess. Fr each bjective, we have identified belw the utcmes fr the perating year assciated with achievement f the bjective and then set ut the specific activities that will be undertaken t actualize each utcme. AcSB s Annual Plan

5 In carrying ut the activities described, we will keep in mind the need t priritize in rder t apply ur resurces where they will be mst effective in achieving ur bjectives. It may nt be pssible t carry ut sme planned activities t the fullest extent r t achieve all planned targets due t resurce cnstraints. In additin, we may need t recnsider sme details f this plan during the year t respnd t changes in circumstances while cntinuing t wrk twards ur key bjectives. Publicly accuntable enterprises Supprt the applicatin in Canada f IFRSs Objective 1: Influence future internatinal standards by maintaining and leveraging Canada's strng reputatin internatinally. The AcSB is seen as a key member f the IASB s Accunting Standards Advisry Frum (ASAF). Make significant cntributins by sharing Canadian practice n relevant issues based n research and data gathering, and prviding cnstructive recmmendatins n majr technical issues relating t standard-setting activities and issues f cncern in Canada. Supprt the develpment and implementatin f an enhanced preparatin prcess fr each ASAF meeting t prepare the AcSB Chair and Directr fr the meeting tpics. The preparatin prcess includes perfrming research and analysis n issues relevant t Canadian stakehlders. When apprpriate, supplement the discussins by prviding detailed analysis and recmmendatins t IASB staff. The AcSB influences the IASB in the develpment f high-quality IFRSs t benefit Canadian stakehlders. Undertake cmmunicatin activities t raise awareness with ur stakehlders f IFRS standard-setting and research prjects. Respnd t the IASB s dcuments fr cmment, when apprpriate. Prvide supprt and input t the IASB when requested that includes, when apprpriate, cnsultatins with and feedback received frm ur stakehlders. Cnnect Canadians with the IASB n particular standard-setting prjects, when apprpriate. Cnsult with and btain advice frm ur cmmittees, including the IFRS Discussin Grup and Academic and User Advisry Cuncils. AcSB s Annual Plan

6 Objective 2: Stakehlders apply new and existing IFRSs effectively. IFRS implementatin issues raised by ur stakehlders are identified early and addressed efficiently. Raise issues and participate in the IASB s prcess t ensure Canadian cncerns are cnsidered by the IASB. Supprt Canadians appinted t the IFRS Interpretatins Cmmittee and implementatin grups including revenue and impairment f financial instruments. Prvide implementatin supprt fr the fur majr new IFRSs (i.e., financial instruments, revenue, leases, and insurance cntracts) by: maintaining a dialgue with stakehlders regarding implementatin challenges; and determining hw t best prvide implementatin supprt t stakehlders fr each standard; this may include the use f the IFRS Discussin Grup and/r standard specific implementatin cmmittees. Hld specific events, such as webinars and panel discussins, t supprt the applicatin f new standards by Canadians when a need fr such supprt is identified. Prmte awareness amng Canadian stakehlders f the IASB resurces that are available t assist stakehlders in the implementatin and applicatin f standards. The AcSB s IFRS Discussin Grup is effective and timely in identifying and supprting applicatin issues. Supprt the IFRS Discussin Grup in identifying implementatin issues affecting Canadians in particular, thse relating t revenue, leases and financial instruments. Maintain pen channels f cmmunicatin with stakehlders in rder t ensure stakehlders raise applicatin issues. Build rbust agendas that will appeal t a brad grup f stakehlders. Reduce the time needed t publish the meeting reprt. Obtain advice frm the IFRS Discussin Grup n matters that relate t the Bard s strategy t influence the develpment f IFRSs fcussing attentin n issues that are imprtant t Canadians. AcSB s Annual Plan

7 Nn-authritative guidance 1 issued by the IASB that supprt and supplement specific IFRSs is incrprated int the CPA Canada Handbk in a timely manner. Include IASB nn-authritative guidance in Part I fr IFRS 15 Revenue frmcntracts with Custmers. Cmplete the translatins f the IASB nn-authritative guidance fr IFRS 9 Financial Instruments and IFRS 16 Leases. Identify which ther IASB nn-authritative material shuld be translated fllwing the cmpletin f the guidance specified abve. Objective 3: Differences in glbal standards are narrwed, including alignment f adptin dates fr new IFRSs. The alignment f financial reprting utcmes under IFRSs and U.S. GAAP is increased. Leverage ur invlvement and cmmunicatin with the IASB and the U.S. Financial Accunting Standards Bard (FASB) t encurage whenever pssible, high-quality slutins that will result in mre cmparable financial reprting utcmes in the U.S. and glbally. Maintain regular engagement with FASB thrugh attendance at semi-annual meetings. Respnd t invitatins t cmment n FASB prjects when prpsals are significant t ur Canadian stakehlders r include significant differences in reprting utcmes cmpared t IFRSs. Effective dates fr new standards are substantially aligned glbally. Wrk with the IASB and ther glbal standard setters t encurage a cmmn glbal effective date fr new and amended standards. Cntinue t remind the IASB f the effrts required t implement significant new r cmplex standards and encurage the IASB t set the effective dates accrdingly. Mnitr adptin dates in ther jurisdictins and cnsider further actin if ther jurisdictins delay beynd the effective date set by the IASB. 1 Nn-authritative guidance includes the Basis fr Cnclusins and Implementatin guidance issued fr each IFRS. AcSB s Annual Plan

8 Private enterprises Retain and imprve the standards in Part II Objective 1: Part II cntains a high-quality set f standards that prduces decisin-useful infrmatin, is cmplete and supprts the exercise f prfessinal judgment while prviding sufficient guidance t result in cnsistent applicatin. High-quality standards are available t stakehlders n a timely basis, achieved by advancing ur wrk n ur current and future standards-level prjects. Advance ur wrk and imprve timeliness n current prjects: Cntinue t advance the prject n redeemable preferred shares twards the issuance f a re-expsure draft. Deliberate cmments received n the agriculture prject and begin the preparatin f an expsure draft. Develp an expsure draft t address the narrw-scpe issues identified thrugh the Sectin 3856, Financial Instruments, Pst-implementatin Review. Cnsult with and gather input frm ur Private Enterprise Advisry Cmmittee n majr Part II prjects. Cmplete cnsultatins with stakehlders abut ur relative pririties fr future Part II prjects: Seek input frm stakehlders, including ur Private Enterprise Advisry Cmmittee, n hw t imprve Part II. Cnclude n pririties imprtant t stakehlders and distinguish between issues that can be addressed in the near term, and thse that require lnger-term prjects. Cnsider whether amendments t accunting framewrks in ther jurisdictins wuld significantly imprve ASPE. Stakehlders have high-quality and timely slutins t the implementatin and applicatin issues that matter t them. Maintain pen channels f cmmunicatin with stakehlders in rder t ensure stakehlders raise applicatin issues as they arise. Utilize the Private Enterprise Advisry Cmmittee t identify applicatin issues, assess the issues identified and cnsider the apprach t address the issues. Recnsider the nature and frm the meeting reprts fr Private Enterprise Advisry Cmmittee meetings. AcSB s Annual Plan

9 Deliver quality slutins t reslve identified issues n a timely basis: Issue final amendments t the Handbk fr the 2017 annual imprvements t Part II. Identify imprvements needed t Part II and if required, issue an expsure draft n 2018 annual imprvements. Issue expsure drafts fr narrw-scpe amendments, as required. Objective 2: Private enterprises apply new and existing standards effectively. Stakehlders have sufficient guidance t implement new standards and amendments resulting in a high-quality implementatin. Cnsider the need t create awareness f and prvide specific implementatin supprt (such as webinars, panel discussins) t stakehlders fr newly issued r amended Part II standards, including subsidiaries and investments. Cnsult with stakehlders t determine if and when t undertake Pstimplementatin Reviews fr: Sectin 1582, Business Cmbinatins; and Sectin 3462, Emplyee Future Benefits. Nt-fr-prfit rganizatins Retain and imprve the standards in Part III Objective 1: Imprvements t the Part III standards cnsider stakehlder input and the unique needs f NFPOs. High-quality standards are available by stakehlders n a timely basis, achieved by advancing ur wrk n ur current and future prjects. Stakehlders think that we understand the issues unique t this sectr and prpsed slutins are high-quality and apprpriate. Advance ur wrk and imprve timeliness n current and future NFPOs prjects. Cmplete cnsultatins with stakehlders abut the Accunting Standards Imprvements fr NFPOs Expsure Draft issued in February 2017 and deliberate cmments received. Cntinue research n the lng-term prject n Cntributins Revenue Recgnitin and Related Matters. Decide n the relative pririty f future prjects including Reprting Cntrlled and Related Entities by Nt-fr-Prfit Organizatins. Begin research fr priritized prjects. AcSB s Annual Plan

10 Obtain input frm ur Nt-fr-Prfit Advisry Cmmittee n hw t imprve the standards. Assess the need t undertake pst-implementatin reviews f existing standards such as Sectin 4470, Disclsure f allcated expenses by nt-fr-prfit rganizatins. Cnsider whether amendments t accunting framewrks in ther jurisdictins wuld significantly imprve accunting standards fr NFPOs. Stakehlders have high-quality and timely slutins t the implementatin and applicatin issues that matter t them. Cnsider whether new initiatives shuld be undertaken t supprt stakehlders with the quality implementatin and applicatin f Part III standards and develp a plan fr such initiatives, as cnsidered necessary. Objective 2: The needs f NFPOs are met fllwing changes made t ASPE. Stakehlders have high-quality and timely slutins t applicatin issues that are relevant t them. Mnitr the prjects t revise ASPE and cnsider whether thse changes affect NFPOs. Obtain input frm ur Nt-fr-Prfit Advisry Cmmittee. Develp any necessary changes t deal with the specific circumstances f the ntfr-prfit sectr. Pensin plans Retain the standards in Part IV Objective: Part IV standards meet the needs f this sectr. Stakehlders have high-quality and timely slutins t applicatin issues that matter t them. Mnitr develpments by cnsidering: implementatin challenges faced by this sectr, including the evlutin f new types f plans; risk mitigatin strategies being emplyed in relatin t pensin bligatins; develpments in ther jurisdictins; and any changes t crrespnding standards fr ther sectrs. AcSB s Annual Plan

11 Glbal cntributins Cntribute t glbal standard setting Objective: Glbal standard setting is advanced as a result f prviding thught leadership and glbal best practices fr all majr categries f reprting entities in Canada s private sectr. Influence glbal best practices by maintaining strng strategic cllabratins with ther standard setters. Maintain strategic cllabratin with the IASB and glbal standard setters by cntributing t internatinal meetings including: ASAF (as discussed abve); Wrld Standard Setters; and Internatinal Frum f Accunting Standard Setters. Maintain strategic cllabratin with the FASB by participating in semi-annual meetings. Nminate Canadians fr internatinal standard-setting rles, including advisry cmmittees and supprt grups. Supprt the Canadian appinted t the IASB thrugh regular cmmunicatin and invlvement in liaisn activities with Canadian stakehlders, when apprpriate. Supprt Canadians appinted t cmmittees thrugh regular cmmunicatin and timely cntact prir t and fllwing each meeting. Cntribute t the wrk f thers when relevant t ur Canadian stakehlders (fr example, respnding t requests fr cmment, answering surveys and prviding data n Canadian transactins/envirnment). Prvide input t the IFRS Fundatin Mnitring Bard and IFRS Fundatin Trustees when requested. Cmmunicatins Maintain strng engagement with ur stakehlders and cmmunicate with them abut ur prcesses and activities Objective: Stakehlders are aware f and engaged in ur cmmunicatins. The target audience is aware f and values ur cmmunicatins. Expand ur use f cmmunicatin vehicles that reach a wide target audience (fr example, a gegraphical reach that is reflective f the distributin f ur stakehlder AcSB s Annual Plan

12 base), including scial media as a cmmunicatin platfrm and ther technlgy (fr example, nline meetings). Develp and initiate a plan t imprve ur enewsletter, The Standard, including updating the subscriptin prcess. Cmmunicate in plain language in rder t appeal t a brad target audience. Mnitr the redesign t ur website, by ensuring regular updates n the redesign prcess and decisins are prvided t AcSB. The AcSB s brand is recgnizable and valued in Canada and beynd. Be practive in identifying pprtunities t have the Chair and ther AcSB members undertake speaking engagements that align with ur strategic bjectives. Attract high caliber candidates fr bard and cmmittee vacancies. Generate increased awareness f the AcSB and FRAS Canada brands by undertaking prmtin initiatives. Make decisins regarding the activities we shuld take t maintain its relevance with stakehlders and the pririty f thse activities, including cnsidering the ideas generated at the Nvember 2016 meeting. Take actin t implement the activities that have been priritized within the apprpriate timelines. Research Cnduct research t supprt evidence-based decisin making Objective 1: Standard-setting decisins are supprted by research that pertains t all majr categries f reprting entities in Canada s private sectr and fcuses n tpics f imprtance t Canadians. Research cntributes t evidence-based decisins. After cnsidering ur pririties, decide n existing research t be cntinued and new research t be carried ut. Cmplete the secnd phase f ur research n rate-regulated activities cncurrent with the release f the IASB s discussin paper. Cntribute t glbal standard setting by wrking with ther natinal standard setters t examine cmmnalities between jurisdictins n the similarities and differences f new types f pensin bligatins. Prmte results f cmpleted research, including the cmpleted rate-regulated research paper. Identify pprtunities t cnduct research such as: AcSB s Annual Plan

13 cntributing t glbal thught leadership research prjects (fr example, the IASB, ther natinal standard setters, and academia); assessing user needs and the financial reprting envirnment fr private enterprises; cmpiling additinal statistics abut publicly accuntable enterprises, private enterprises and NFPOs; and gathering data thrugh mechanisms such as surveys and database research. Objective 2: Stakehlders are engaged in the AcSB s research initiative. Key stakehlders engage in ur research activities prviding their knwledge and experience. Identify stakehlders t participate in ur research activities. Leverage the skills and expertise f the members f the AcSB s Academic Advisry Cuncil t develp the AcSB s research prgram. Due prcess Fllw due prcess that is based n the key principles f transparency, cnsultatin and accuntability Objective 1: The standard-setting prcess is pen and transparent, prviding clear infrmatin abut standard-setting develpments, including hw we make ur decisins. All f the AcSB s activities cmply with due prcess. Cntinue t fster an envirnment where due prcess is instrumental t the prcesses we develp and decisins we make. Mnitr the IASB s cmpliance with its due prcess fr IFRS amendments and new standards. Apply due prcess and reprt n cmpliance t the Accunting Standards Oversight Cuncil (AcSOC). Cmplete a review and update f the Due Prcess Handbk. Cnduct rientatin sessin fr new appintees t the AcSB and cmmittees. All f ur standard-setting activities are pen and transparent t stakehlders. Identify ways t imprve the transparency f ur prcesses and activities, including being mre accessible t all stakehlders. Expand cmmunicatins abut the rle f ur cmmittees and the standard-setting prcess. AcSB s Annual Plan

14 Objective 2: Stakehlders affected by Canadian financial reprting standards prvide input thrugh ur prcesses s we understand different perspectives. A brad reach f stakehlders prvide input n all prjects and activities. Issue wraparund expsure drafts f the IASB s prpsals t gather Canadian input n the suitability f the IASB s prpsals fr applicatin in Canada. Imprve stakehlder reach, including financial statement users, by cnducting targeted cnsultatins in a range f lcatins acrss the cuntry (bth in persn and virtually). Maintain a number f channels fr stakehlders t cntact us and expand use f newer channels, such as scial media. Maintain balanced memberships fr ur cmmittees acrss varied demgraphics (persnal backgrund, gegraphic lcatin, language, gender, etc.). Objective 3: Stakehlders hld the AcSB accuntable and understand the ratinale fr the decisins we have made. Stakehlders understand ur decisins because ur cmmunicatins are clear and timely. Assess the cntent f ur decisin summaries and cmmittee meeting reprts, t ensure cmmunicatins are rbust and explain decisins and ratinale. Find ways t reach mre stakehlders. Publish a basis fr cnclusins at the same time as a final standard r amendments t a standard in Parts II t IV f the Handbk. AcSB s Annual Plan

15 Appendix Organizatin chart AcSB s Annual Plan

16 2017 Chartered Prfessinal Accuntants f Canada Publicatins prduced by any Financial Reprting & Assurance Standards Canada bard, versight cuncil, r cmmittee are prtected by cpyright. All rights reserved. This publicatin is prtected by cpyright and written permissin is required t reprduce, stre in a retrieval system r transmit in any frm r by any means (electrnic, mechanical, phtcpying, recrding, r therwise). Fr infrmatin regarding permissin, please cntact permissins@cpacanada.ca.