New standard-setting recommendations good for everyone - CPA Canada

TORONTO, March 1, 2023 /CNW/ - Chartered Professional Accountants of Canada (CPA Canada) announced its support for the recommendations related to the mandate of the Independent Review Committee on Standard Setting in Canada. Established in May 2021, the Committee was charged with reviewing the governance and structure for establishing accounting and assurance standards in Canada, as well as identifying what might be needed for the future, including sustainability standards. The Committee released its final report on March 1, which includes several recommendations aimed at fostering the independence and effectiveness of the Canadian standard-setting model.

The recommendations include the creation of a separate legal entity to house Canadian standard-setting activities to further support the system's independent process, as well as the formation of the Canadian Sustainability Standards Board ? a recommendation that the Committee issued early in response to the increasing levels of change in this area.

"I want to thank the Independent Review Committee for completing its review. The recommendations of the report align with our goal of supporting a strong standard-setting system," explained Pamela Steer, President and CEO of CPA Canada. "The outcomes of this review will bring significant benefits to the governance and structure of standard-setting and will further enhance Canada's position as a leader in the international standard-setting arena."

The establishment of this new entity will evolve CPA Canada's role in standard setting, preserving the benefits of the existing framework while achieving a higher level of independence and a structure that is fit for the future. CPA Canada will continue to support standard setting by providing funding, shared resources, and stewardship responsibilities, as recommended by the Committee.

"The work carried out by the Independent Review Committee will further bolster independent standard-setting now and into the future," said Steer "We are proud to continue to support this important work and of the lasting impact it has on the profession."

Chartered Professional Accountants of Canada (CPA Canada) works collaboratively with the provincial, territorial and Bermudian CPA bodies, as it represents the Canadian accounting profession, both nationally and internationally. This collaboration allows the Canadian profession to champion best practices that benefit business and society, as well as prepare its members for an ever-evolving operating environment featuring unprecedented change. Representing more than 220,000 members, CPA Canada is one of the largest national accounting bodies worldwide. cpacanada.ca

SOURCE CPA Canada