The AcSB contributes to the development of International Financial Reporting Standards (IFRSs) by participating in consultations and activities of the International Accounting Standards Board (IASB) to ensure Canadian publicly accountable entities' financial reporting needs are adequately considered.
As an independent body, the AcSB is intended to increase client confidence and promote objectivity,[2] assisting organizations to make informed decisions on where best to allocate their financial assets.
[4] The AcSB membership consists of a diverse group of members with a range of experience from various locations across Canada.
CPA Canada provides funding, staff and other resources to support an independent standard-setting process.
In 2003, AcSOC started overseeing and providing input into the activities of the Public Sector Accounting Board (PSAB).
AcSOC serves the public interest by playing a key role in Canadian financial reporting by overseeing and evaluating the performance of, and providing input into, the activities of Canada's accounting standard-setting boards – the AcSB and PSAB.