Dialogue
Debating Standards
FROM:
MAY-JUN 2005 ISSUE
Thank you for presenting the interview with Paul Cherry, Chair of the Accounting Standards Board in the
March-April issue of
CGA Magazine. The choice of accounting standards is an important issue and one that has broad implications for many individuals and organizations.
CGA-Canada has long advocated for the adoption of the International Accounting Standards Board's International Financial Reporting Standards for Canada. In this respect, we welcome the Accounting Standards Board's draft strategic plan.
I did want to clarify one comment Mr. Cherry made in reference to the conclusions drawn by the Standing Senate Committee on Banking, Trade, and Commerce with respect to the independence of the Canadian standard-setter. The committee concluded in its June 2003 report that further discussion was needed around who should have responsibility for accounting standards. The committee further noted that the entity should have the necessary independence, accountability, and transparency to safeguard investor confidence.
Mr. Cherry is correct in saying that the role of national standard-setters is changing. These changes should not take place behind closed doors by a select few; rather, this needs to be part of a broader public policy debate. The timing is right for such a discussion.
Carole Presseault
Vice-President, Government and Regulatory Affairs
CGA-Canada
Ottawa, ON
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