1. Accounting Standards: New Directions

2. The Current Situation in Canada

3. Accounting Standards Oversight Council Accounting Standards Oversight Council Board Implementation Guidance Groups Emerging IssuesXXX Advisory Councils Sector-specific Groups

4. Now Private Companies (“Differential Reporting”) Public Companies # of Entities GAAP Requirements

5. Access to Accounting Resources

6. New Strategic Directions

7. New Strategy Public companies – Cdn GAAP = International standards – lengthy transition period ( 5 years, possibly longer) Private companies – Comprehensive re-examination of financial reporting model based on user needs

8. Timeline : public companies Detailed AcSB work plan June 06 Checkpoint review Apr-Sept 08 Changeover to IFRS April 2011???

9. Private Companies Research underway on users & user needs – Internal vs external users – “significant” external users – “exempt” entities First phase to be completed Sept 06 International developments – AICPA/FASB – IASB SME project

10. One scenario No external users (“Exempt”) “Core” Public Companies ? GAAP Requirements # of Entities

11. Another Scenario Private Companies (“Differential Reporting”) + SMEs Public Companies + large NPAEs Capitalization of Entities GAAP Requirements

12. Communications Ongoing communication is critical – Detailed implementation plans to be published on the website – Communications program targeting key messages and key stakeholder groups – Research program will involve contacts with many in the private business sector

13. Responding to Standards Overload AcSB is slowing pace of change Delayed effective dates – Financial instruments More implementation guidance? More co-ordination among standard setters, regulators and others

14. QUESTIONS?? www.acsbcanada.org