PSAB s Due Process Procedures

Size: px
Start display at page:

Download "PSAB s Due Process Procedures"

Transcription

1 PSAB s Due Process Procedures

2 (Adopted by PSAB September 2012 and endorsed by AcSOC November 2012) Table of Contents OVERVIEW...3 RESPONSIBILITY OF PSAB...3 DUE PROCESS REQUIREMENTS...4 Part I of the CICA Handbook Accounting...4 Standards and other guidance issued by PSAB...5 SEVEN STEPS IN DUE PROCESS...6 Agenda setting...6 Project planning...8 Task forces...9 Development and publication of a statement of principles...10 Review of responses and publication of an exposure draft...11 Development and publication of a final standard...11 Procedures after a standard is issued...12 HOW THE DUE PROCESS IS APPLIED...13 PSAB meetings...13 Balloting and drafting...14 Liaison activities...15 Comment letters...15 Comment period...15 Field visits and field tests...15 Effect analysis...16 Information on PSAB s website...16 Translation...17 Inquiries about due process...17 Page 2 of 17

3 Overview 1. This document sets out the procedures that the Public Sector Accounting Board (PSAB) follows in setting financial reporting standards and other guidance. These procedures are described as due process. Due process is designed to serve the public interest by addressing the need for transparency in and accessibility to the developmental process, including consultation and responsiveness to input received from all stakeholders. These procedures are critical in maintaining the objectivity of the process and the quality of the output. The basic ingredients of due process are information gathering, discussion and consultation. PSAB will review this document each year. 2. PSAB s due process is built on its Terms of Reference and Statement of Operating Procedures, which are agreed to by the Accounting Standards Oversight Council (AcSOC). AcSOC is an independent body that serves the public interest by overseeing and providing input to the activities of PSAB. PSAB is directly accountable to AcSOC for its performance in fulfilling its mandate, including adherence to due process. 3. PSAB consults with AcSOC and others on its strategic direction and priorities by discussing its preliminary agenda setting decisions and obtaining information about the diversity of views on various financial reporting issues. AcSOC and its committees serve as a sounding board for PSAB, and can be used to gather views on specific issues to supplement other consultative processes at any stage of due process. Refer to AcSOC s Terms of Reference and Statement of Operating Procedures for further information about its responsibilities. 4. PSAB s Terms of Reference and Statement of Operating Procedures specify certain of its due process procedures. PSAB s Statement of Operating Procedures requires that materials it issues be provided in both official languages. Responsibility of PSAB 5. In accordance with its Terms of Reference, PSAB has the responsibility for establishing standards and other guidance for governments and their organizations. PSAB issues accounting and financial reporting standards and guidelines as well as statements of recommended practices (other guidance), all of which are subjected to the same due process. 6. Government organizations can include government business enterprises, not-forprofit organizations and others. In some instances, these organizations operate similar to enterprises. PSAB directs government business enterprises to apply Part I of the CICA Handbook Accounting and permits it to be applied to other government organizations if their circumstances are best suited to applying that source of accounting standards. Page 3 of 17

4 7. The definitions of various government organizations and the application of different accounting standards are described more fully in the Introduction to public sector accounting in the CICA Public Sector Accounting (PSA) Handbook. 8. PSAB does not establish accounting standards for government business enterprises. These organizations have characteristics similar to private sector enterprises and PSAB directs them to Part I of the CICA Handbook Accounting. However, PSAB is responsible for government business enterprises and reserves the right to establish standards and other guidance for them when deemed appropriate. 9. PSAB does establish separate accounting and financial reporting standards and other guidance that apply to governments and their government organizations, as follows: (a) All levels of government, federal, provincial, territorial and local governments are directed to the PSA Handbook Accounting. (b) Government organizations that are directed or choose to adopt the PSA Handbook. (c) Those government organizations that adopt the not-for-profit standards that are set out in the PS 4200 series of standards supported by the PSA Handbook. Due process requirements Part I of the CICA Handbook Accounting 10. PSAB is responsible for establishing standards for governments and all of their organizations including government business enterprises. However, PSAB has chosen to direct government business enterprises to Part I of the CICA Handbook Accounting. PSAB also permits Part I to be applied by other government organizations, where appropriate. PSAB reserves the right to make changes to this direction in whole or in part. 11. Part I reflects the standards issued by the International Accounting Standards Board (IASB) known as International Financial Reporting Standards (IFRSs), which are adopted by the Canadian Accounting Standards Board (AcSB). The AcSB has a role in the development of IFRSs and in adopting them. This requires the AcSB to maintain and apply its own due process procedures tailored to fulfilling that role. In turn, PSAB relies on the AcSB s due process procedures when it comes to the development and finalization of those accounting standards in Part I of the CICA Handbook Accounting. The AcSB is accountable to AcSOC for demonstrating compliance with due process procedures and PSAB relies on that assessment. Page 4 of 17

5 Standards and other guidance issued by PSAB 12. PSAB sets accounting and financial reporting standards and issues statements of recommended practices within the institutional framework agreed to with AcSOC and expressed in PSAB s Terms of Reference and Statement of Operating Procedures. To that end, PSAB decides what procedures are necessary in carrying out its due process and how those procedures should be carried out in specific circumstances. Transparency and accessibility 13. PSAB makes decisions at each stage of the due process after consultations with stakeholders and on the basis of information gathered by, or in conjunction with, PSAB staff and its task forces. PSAB publicizes its contact information and encourages stakeholders to communicate with it at every stage. 14. Meeting agendas are posted before the meeting to inform stakeholders of the topics to be discussed and decision summaries are posted subsequent to the meetings to highlight the key decisions or aspects of the discussions. 15. After each meeting, PSAB prepares and posts on its website PSAB Matters, a newsletter that provides additional useful information about current issues and events that are of interest to its stakeholders. 16. PSAB maintains a rigorous communications plan for outreach to the public, carrying out a number of specific activities under that plan to achieve transparency and accessibility of its activities. 17. Various materials are posted on PSAB s website for the information of stakeholders or, in the case of completed projects, are made available in a public file. Extensive consultation and responsiveness 18. PSAB solicits views and suggestions through its consultations with a wide range of interested parties and a formal process of inviting public comment on project priorities, statements of principle and exposure drafts. PSAB may also set up project task forces to promote discussions. 19. PSAB members and staff hold consultations with groups of preparers, users, auditors, academics and others to test proposals and to understand concerns raised by affected parties. Additionally, PSAB members and staff appear at public events to exchange views with stakeholders. 20. PSAB listens to, evaluates and, when it considers appropriate, adopts suggestions received during the consultations. It also discusses with stakeholders different views on technical matters at conferences and seminars. In response to public comments, PSAB considers alternatives to its proposals. Page 5 of 17

6 21. Comments received from interested parties as part of the consultation process are summarized, analyzed and considered by task forces and the staff, in turn making recommendations for PSAB to consider in its meetings. Using its website, in particular, the project summaries, issues analysis and basis for conclusions documents, PSAB informs the public of its position on major points raised in the comment letters received. Accountability 22. PSAB can decide not to expose a position or when it has altered an exposure draft. The Board considers whether any significant changes have occurred, if the change is necessary to correct a problem, whether it is simply adding additional guidance to a proposal or clarifying an existing standard. 23. PSAB is required to explain its reasons if it decides to omit a non-mandatory step of its consultative process. In addition, PSAB is required to explain any changes between an exposure draft and final standard or other guidance. Explanations are provided in basis for conclusions documents. Seven steps in due process 24. PSAB s due process normally comprises seven steps, with AcSOC having the opportunity to ensure compliance and provide input at various points throughout the process: (a) agenda setting; (b) project planning; (c) task force recruitment (optional); (d) development and publication of a statement of principles or other similar document (optional); (e) review of responses to the statement of principles or other similar document and development and publication of an exposure draft supported by an issues analysis; (f) review of responses to the exposure draft and development and publication of a standard supported by a basis for conclusions document; and (g) procedures after standards are issued. Agenda setting 25. PSAB evaluates the merits of adding a potential item to its agenda primarily on the basis of the needs of users of financial statements. A project survey is posted on the website identifying possible projects that could be undertaken. Stakeholders are requested to identify those projects that they feel are of highest priority. In addition, they are invited to add to the list, provide a description of the project and an explanation as to why they believe it to be a priority. Page 6 of 17

7 26. The results of the survey are compiled by staff and presented to PSAB for its consideration in its planning process. When considering projects for addition to PSAB s technical agenda, it also considers the following established agendasetting criteria. 27. PSAB considers the significance of the issue (i.e., whether the project would address the needs of different users), taking into account the following factors: (a) Changes in the financial reporting environment whether the issue is broadly relevant, and has emerged as a result of changes in the financial reporting environment and regulatory requirements across Canada. (b) Pervasiveness whether the issue is one that: (i) affects more than a few entities and arises across Canada; (ii) gives rise to problems that are frequent and material; and (iii) will persist if not resolved. (c) Urgency whether requests have been received from stakeholders, with reasonable justifications, that PSAB should address the issue as a matter of priority. (d) Consequences whether the absence of a standard might cause users to make suboptimal decisions. (e) Complexity whether the project will consume resources for an extended period of time. 28. After assessing the significance of an issue, PSAB considers whether: (a) any guidance currently exists; (b) there is a lack of comparability in financial reporting; and (c) there is diversity in practice or standards are difficult to apply because: (i) (ii) they are unclear or unnecessarily complex; the cost of complying outweighs the benefits to users; or (iii) the standards are out of date and the information they generate no longer appropriately reflects economic conditions or results. 29. PSAB also considers whether undertaking a project could increase consistency among its existing standards and other guidance. Any decision to converge corresponding standards is made on the basis of whether it would provide significant benefit to the users of financial statements. 30. After evaluating the proposals, PSAB considers the qualitative aspects of them, taking into account: (a) Availability of alternative solutions whether, when an issue is addressed, there are alternative solutions to improve the qualitative characteristics of financial information specified in the conceptual framework, and it is likely Page 7 of 17

8 that sufficient PSAB support and approval will be attainable for the standards developed. (b) Cost/benefit considerations whether it is likely that the expected benefits to users of the improved financial reporting will exceed the costs of implementation. (c) Feasibility whether it is feasible to develop a technically sound solution within a reasonable time period without awaiting completion of other projects. 31. PSAB then considers whether there are sufficient resources to undertake a project taking into account: (a) Amount of additional information required whether there is sufficient information about the topic to form a basis for beginning the project, although more may be needed. (b) Availability of resources whether there are adequate resources and expertise available to PSAB and its staff to complete the project and undertake the necessary due process activities. (c) Availability of expertise outside PSAB whether there is outside expertise that PSAB can employ to address the issue; or others have already committed resources to the project or have undertaken research to address the issue. 32. PSAB may also discuss potential agenda items in the light of requests received. The following requests are considered: (a) requests to clarify standards; (b) requests to resolve conflicts between standards; and (c) requests for guidance on issues for which no relevant standard has been established. 33. Before PSAB s consideration of any requests, the staff reviews the requests and recommends, in conjunction with the Chair, whether any issues should be added to PSAB s agenda. On the basis of the factors described above, staff and the Chair decide whether any specific issues are to be added to its agenda. Project planning 34. Project plans are prepared by the staff. The plans provide an overview of the proposed timetable, staffing, the documents that are expected to be produced and the due process to be followed. 35. In planning a project, the staff divides a project into manageable components and project milestones. Each milestone is assigned a target date of completion. The documents to be produced for each component include drafts (or sections of drafts) of the proposed publication (statement of principles, exposure draft or standard). 36. When PSAB considers potential agenda items, it may decide that some issues require additional information before it can take a decision on whether to add the Page 8 of 17

9 item to its active agenda. Such issues may be addressed as research projects on PSAB s research agenda. A research project normally requires extensive background information that others with sufficient expertise, time and staff resources could provide. 37. When adding an item to its active agenda, PSAB also decides whether to conduct the project alone or jointly with the AcSB. PSAB may also undertake a project jointly with other standard setters. In each such case, it applies the same procedures as if it were conducting the project alone. Task forces 38. After considering the nature of the issues and the level of interest among stakeholders, PSAB will normally establish a task force. The Director, in conjunction with the Chair, selects a task force for the project and the principal draws up a project plan under the supervision of the Director. The task force includes representative individuals who are not members of the staff, as deemed appropriate by PSAB. 39. PSAB establishes various task forces to provide assistance in the conduct of its projects, in the form of information and advice based on the practical experience and expertise of the members of those task forces. PSAB also consults with AcSOC. 40. PSAB may establish task forces specifically for some of its major projects when specialized knowledge and expertise is called for. Project-specific task forces are normally set up during the project planning stage. 41. PSAB advertises for expressions of interest from candidates for membership on its various task forces. The composition of a task force reflects the diversity and breadth of interest involved in a particular area. 42. The PSAB Chair and the Director appoint the Chair of the task force. The Chair of the task force and the Director appoint the members of each task force with a view to ensuring that there is a satisfactory balance of perspectives. Task force meetings may be attended by some PSAB members and other non-project staff. 43. PSAB sets a clear mandate and objectives for its task forces through the project planning stage. Some task forces are asked only for advice on specific issues. Others are asked to undertake research, gather information, discuss issues and make recommendations for improving specific standards. Once PSAB s deliberations start, PSAB consults the task forces on important decisions, and receives regular updates on the progress of projects. 44. Meetings of task forces are scheduled in advance of the PSAB meeting. Recommendations and comments from the task force members are included in the materials for discussion in PSAB meetings. Page 9 of 17

10 45. The task force is supported by a PSAB staff member and is responsible for making recommendations to the Board on the accounting and other issues set out in the project plan. 46. A task force will include a limited number of representative volunteers and may include one or more staff members and consultants. A task force may also include one or more members of PSAB as board advisors. Task forces may, when appropriate, seek advice from PSAB members on specific topics during their information gathering and analysis. Individual PSAB members may also seek information from the staff. 47. In developing recommendations, to preserve the quality of proposals, task forces are not to seek or favour the views of individual PSAB members, and individual PSAB members are required not to unduly influence the task force s conclusions outside of PSAB s meetings. Development and publication of a statement of principles 48. A statement of principles is not a mandatory step in PSAB s due process, but PSAB may publish a statement of principles as its first document on a major new topic as a vehicle to explain the issue, identify the alternatives considered and solicit early comment from stakeholders. If PSAB decides to omit this step, it will state its reasons. 49. Typically, a statement of principles includes a comprehensive overview of the issue, possible approaches in addressing the issue, the preliminary views of PSAB, the rationale for those views and an invitation to comment. It is not intended to be a draft standard. A draft of a statement of principles will normally be developed by the task force before being reviewed by PSAB. 50. PSAB authorizes the statement of principles on the basis of analysis drawn from information gathered by the staff and recommendations of its task forces and other sources. 51. Statement of principles may result from a research project being conducted by another party as the first stage of an active agenda project carried out by PSAB. The research report can be used as a basis for developing a statement of principles. Issues related to a statement of principles are discussed in PSAB meetings and publication of such a paper is approved in accordance with the voting rules in PSAB s Statement of Operating Procedures. 52. When the draft is completed and PSAB has approved it for publication, the statement of principles is published to invite public comment. PSAB supplements the written comment process by carrying out various communications such as broadcast s, face-to-face updates and newsletters. 53. After the comment period has ended, the staff and task force analyzes and summarizes the comment letters for PSAB's consideration. Comment letters are Page 10 of 17

11 posted on the website. In addition, a summary of the comments received and their disposition is included in the issues analysis that accompanies the exposure draft. 54. If PSAB decides to explore the issues further, it may seek additional comment and suggestions by arranging meetings with stakeholders or requesting the task force to do additional work and address the issues raised. Review of responses and publication of an exposure draft 55. An exposure draft is PSAB s main vehicle for consulting with the public. In unusual circumstances and for a stated reason or reasons, PSAB may decide by formal vote to forgo exposure in accordance with the voting rules in PSAB s Statement of Operating Procedures. 56. Unlike a statement of principles, an exposure draft sets out a specific proposal in the form of a proposed new standard or an amendment to an existing standard. The development of an exposure draft begins with PSAB considering issues on the basis of information gathered by staff and recommendations of the task force, as well as comments received on a statement of principles and suggestions made by PSAB s other interested stakeholders. 57. After resolving issues in responses to the statement of principles (if applicable) at its meetings, PSAB instructs the staff and task force to draft the exposure draft. When the draft has been completed, PSAB ballots the exposure draft and publishes it for public comment. 58. An exposure draft highlights the main features of, and requests comments on, a draft standard or draft amendment to a standard. 59. An exposure draft will be accompanied by an issues analysis outlining PSAB s response to the major issues raised by respondents to the statement of principles. Amongst other matters, PSAB s issues analysis will address: (a) alternative views on the issues dealt with in the proposed standard; and (b) the view taken by the Board with appropriate reasons for taking that position. 60. PSAB allows an appropriate period for comment on an exposure draft, relative to the subject matter, as clarified in paragraph Comment letters are posted on the website. PSAB reviews the comment letters received and the results of other consultations. 62. In addition, a summary of the comments received and their disposition is included in the basis for conclusions document when the project is completed. Development and publication of a final standard 63. The approval of a new standard or amendment to an existing standard is carried out during PSAB meetings, after PSAB considers the comments received on the Page 11 of 17

12 exposure draft. In deciding whether to change the standard proposed in the exposure draft, PSAB: (a) reviews input and advice from the task force; (b) takes into account substantial issues that emerged during the comment period on the exposure draft that it had not previously considered; (c) considers all of the evidence provided to it; (d) evaluates whether it has sufficiently understood the issues and actively sought the views of constituents; and (e) considers whether the various viewpoints were aired in the exposure draft and adequately discussed and reviewed in the issues analysis provided with the exposure draft. 64. Changes from the exposure draft and the reasons for them are described in the basis for conclusions document prepared when the project is completed. 65. After resolving issues arising from the exposure draft, with the assistance of the task force, PSAB considers whether it will expose its revised proposals for public comment by publishing a re-exposure draft. PSAB first decides, by formal vote, whether, in its judgment, the standard proposed in the exposure draft has been significantly changed as a result of redeliberation of the issues in light of comments received. When the exposure draft proposal has been significantly changed, re-exposure is required unless PSAB decides, by formal vote, not to reexpose for a stated reason or reasons. Those reasons would be described in the basis for conclusions document prepared when the project is completed. 66. If PSAB exposes revised proposals, the due process to be followed is the same as for the first exposure draft. 67. As it moves towards completing a new standard or amending an existing standard, PSAB prepares a basis for conclusions document that includes feedback to those who submitted comments on the exposure draft, identifying the most significant matters raised in the comment process and explaining how PSAB responded to those matters. 68. When PSAB is satisfied that it has reached a conclusion on the issues arising from the exposure draft, it instructs the staff and the task force to draft the standard or amendment to a standard. Finally, after the due process is completed, all outstanding issues are resolved, and PSAB members have balloted in favour of publication, the standard or amendment is issued, followed by publication of the basis for conclusions document. Any dissenting views of Board members will be included in the basis for conclusions document. Procedures after a standard is issued 69. After a standard is issued, PSAB members and staff continue to communicate with stakeholders through face-to-face presentations, newsletters and other Page 12 of 17

13 forums. In certain circumstances, the staff also fosters educational activities to ensure consistency in the application of standards. 70. PSAB carries out a post-implementation review of each new standard or major amendment. This is normally carried out two years after the new requirements have become effective. Such reviews consider whether a new or amended standard has been implemented and achieved the intended objectives established in the agenda setting and project planning stages. The reviews will also focus on important issues identified as contentious during the development of the pronouncement and consideration of any unexpected costs or implementation problems encountered in practice. A review may also be prompted by: (a) changes in the financial reporting environment and any regulatory requirements; or (b) comments made by PSAB, its task force members, AcSOC or stakeholders. The review may lead to additional issues being added to PSAB s agenda, with a view to providing an amendment or clarification to the standard. How the due process is applied PSAB meetings 71. PSAB s discussions of technical issues take place during PSAB meetings. PSAB meets at least four times per year. Additional meetings may be convened at the Chair s request. 72. In accordance with its Statement of Operating Procedures, PSAB conducts its meetings in private. PSAB s practice in this regard, unlike that of other standard setters such as the IASB, is associated with its volunteer membership. Confidentiality of PSAB discussions is intended to protect members from undue outside influence by allowing them to debate freely as individuals and vote without concern for the personal consequences in their relationships with clients, employers or business associates. 73. Before PSAB meetings, staff members prepare data sheets. PSAB data sheets are normally distributed to PSAB members two weeks before the PSAB meeting date. Meeting agendas are normally posted on the website at least two weeks before the PSAB meeting. 74. During PSAB meetings, the staff may from time to time conduct open educational and informational sessions. PSAB also discusses comments and suggestions arising from information gathered by the staff, from consultations with PSAB s task forces and from education sessions and comment letters. 75. Soon after the meeting, the staff summarizes PSAB s decisions, and a decision summary is published on the website. When project plans (including consultative arrangements) have been discussed in the meeting, the staff updates and revises Page 13 of 17

14 those plans to reflect PSAB s decisions on the related project pages published on the website. Balloting and drafting 76. The voting requirements for PSAB s publications are as set out in its Statement of Operating Procedures. PSAB members are required to vote according to their own beliefs rather than the views of their firm or organization. 77. Before a document is to be voted upon, the Chair polls members during the meeting to gauge the level of support on a particular issue. If there is sufficient support, PSAB members review the ballot draft. Additional ballot drafts may be prepared if new issues arise during PSAB members review. 78. The ballot draft of an exposure draft or standard is ready for balloting once PSAB is comfortable that the major issues have been identified and addressed. PSAB then agrees to proceed with balloting. 79. A balloting package includes the following: (a) a ballot form; and (b) the ballot draft, which may be in clean form or, when it is helpful to PSAB members, in a marked-up form showing changes from the preceding draft. 80. Balloting is undertaken according to PSAB s policy. Balloting takes place at the meetings or, if necessary, subsequent to the meetings. PSAB members vote and if the necessary votes are received, complete the ballot form to record whether they assent to, or dissent from, publication of the ballot draft as a standard or other guidance. 81. PSAB members may suggest late editorial improvements to the text; depending on the number and nature of such changes, the staff may report to the PSAB Chair after the ballot or prepare and circulate to PSAB a post-ballot draft showing the final changes. 82. PSAB members who dissent from publication of an exposure draft or standard make their intentions known during the poll at the PSAB meeting. Dissenting opinions are expressed by the PSAB member concerned in a PSAB meeting for the other PSAB members to hear before balloting. Dissenting opinions and alternative views are subsequently included in the basis for conclusions document for the final standard or amendment. 83. The standards set by PSAB are published by The Canadian Institute of Chartered Accountants through its electronic and paper publication services. Statement of principles, exposure drafts and other information about PSAB activities are freely available on PSAB s website. Page 14 of 17

15 Liaison activities 84. Liaison activities take place throughout the due process cycle. Their purpose is to promote co-operation and communication between PSAB and parties interested in standard setting. Liaison is conducted at many levels within PSAB s structure and operations. 85. PSAB maintains liaison arrangements with the AcSB, other national standard setters and other bodies in Canada and globally that have an interest in financial reporting issues. 86. PSAB members and staff also periodically hold educational sessions, attend meetings and conferences of interested parties, and announce major events of related organizations on the website. Comment letters 87. Comment letters play a vital role in PSAB s formal deliberative process. To give the public timely access to the comment letters sent to PSAB, the staff posts the letters on PSAB s website shortly after the comment deadline. 88. PSAB members review comment letters that are received by the mailing date of the meeting material. The staff and task force provide PSAB members with a summary and analysis of the comments received. 89. To be responsive to views received in comment letters, PSAB posts on the website, in the issues analysis and basis for conclusions documents published with each exposure draft and final standard respectively, a summary of key issues raised in comment letters and PSAB s conclusions in respect of the comments. Comment period 90. PSAB normally allows a period of no less than 90 days for comment on its consultation documents. For exposure drafts, if the matter is exceptionally urgent, the document is short, and PSAB believes that there is likely to be a broad consensus on the topic, or in the case of annual improvements projects, PSAB may consider a comment period less than 90 days. Field visits and field tests 91. PSAB may use field visits to gain a better understanding of current public sector practices and how proposed standards could affect them. When conducted at a later stage of a project s development, they enable PSAB to assess the cost of possible changes in practice. Field visits are usually made before the publication of a discussion paper, statement of principles or exposure draft. The focus of the visits is principally for transaction-specific issues. Participants in field visits normally include those parties affected by the proposals and may be identified by task forces or through other consultation. Field visits are undertaken when the Page 15 of 17

16 benefits are expected to exceed the costs and may be accomplished by meetings with groups of stakeholders. 92. Field tests normally require collaboration with interested parties that are willing to be involved in testing a proposed standard, sometimes over an extended period. During field tests, PSAB staff work closely with participating entities in data collection, preparation of financial reports using the proposed standard, and evaluation of the results of the tests. PSAB recognizes the high cost of field tests, for financial resources and staff arrangements required from PSAB and the participating entities, and the possibility that the tests will delay the timely introduction of standards. As the costs may exceed any benefits, PSAB expects to conduct field tests in rare circumstances. Effect analysis 93. PSAB gains insight on the effects of its standards through its consultations, both in consultative publications (statement of principles and exposure drafts) and communications with interested parties (liaison activities, meetings, etc.). PSAB s views on effect analysis questions are reflected explicitly in the issues analysis and basis for conclusions document published with each exposure draft and standard respectively. PSAB weighs effect considerations as a part of its deliberation when considering and drafting its analysis. However, it is rarely possible to make a formal quantitative assessment of the effects of standards. 94. In forming its judgment on the evaluation of the effects of a proposed standard, PSAB considers: (a) the costs incurred by preparers of financial statements; (b) the costs incurred by users of financial statements when information is not available; (c) the comparative advantage that preparers have in developing information, when compared with the costs that users would incur to develop surrogate information; and (d) the benefit relating to accountability as a result of improved financial reporting. Information on PSAB s website 95. Publications and information related to PSAB s due process that are freely available on the organization's website are: (a) current news of activities of PSAB and other developments relevant to standards and standard setting; (b) meeting schedules of PSAB; (c) PSAB meeting agendas; (d) PSAB meeting decision summaries; Page 16 of 17

17 (e) statements of principles; (f) exposure drafts of standards and amendments; (g) comment letters on statements of principles and exposure drafts; (h) issues analysis that accompany exposure drafts; (i) basis for conclusion documents for completed standards and amendments; (j) project summaries; and (k) newsletters. 96. PSAB also maintains a public file that archives key documents arising from due process. Translation 97. The standards issued by PSAB are published in both of Canada s official languages and have equal authority and effect. However, the working language of PSAB is English. Key due process documents are translated into French to provide francophone stakeholders an opportunity to participate in the development of standards. Input received from stakeholders in French is translated into English for consideration by PSAB. Translation is undertaken by qualified translators according to protocols designed to achieve quality translations that convey the same meaning of texts in both English and French. Inquiries about due process 98. Questions about due process or PSAB s adherence to the procedures described in this summary should be addressed to PSAB s Chair or Director. Page 17 of 17

Due Process Handbook for the IASB

Due Process Handbook for the IASB February 2012 IFRS Foundation Due Process Handbook for the IASB Approved by the Trustees February 2011 Updated February 2012 IFRS Foundation Due Process Handbook for the International Accounting Standards

More information

IFAC s STANDARDS-SETTING PUBLIC INTEREST ACTIVITY COMMITTEES

IFAC s STANDARDS-SETTING PUBLIC INTEREST ACTIVITY COMMITTEES IFAC s STANDARDS-SETTING PUBLIC INTEREST ACTIVITY COMMITTEES DUE PROCESS AND WORKING PROCEDURES March 2010 In promulgating international pronouncements, including international Standards, IFAC s standardssetting

More information

February 2013. IFRS Foundation. IASB and IFRS Interpretations Committee. Due Process Handbook. Approved by the Trustees January 2013

February 2013. IFRS Foundation. IASB and IFRS Interpretations Committee. Due Process Handbook. Approved by the Trustees January 2013 February 2013 IFRS Foundation IASB and IFRS Interpretations Committee Due Process Handbook Approved by the Trustees January 2013 IFRS Foundation Due Process Handbook This handbook sets out the due process

More information

Professional Competence for Engagement Partners Responsible for Audits of Financial Statements (Revised)

Professional Competence for Engagement Partners Responsible for Audits of Financial Statements (Revised) IFAC Board Exposure Draft December 2013 Comments due: April 17, 2014 Proposed International Education Standard (IES) 8 Professional Competence for Engagement Partners Responsible for Audits of Financial

More information

A Study of International Accounting Standard and Indian Accounting Standard

A Study of International Accounting Standard and Indian Accounting Standard ISSN: 2347-3215 Volume 3 Number 5 (May-2015) pp. 127-133 www.ijcrar.com A Study of International Accounting Standard and Indian Accounting Standard Parmanand Barodiya 1* and Sonal Saxena 2 1 Department

More information

Accounting Standards for Not-for-Profit Organizations

Accounting Standards for Not-for-Profit Organizations Accounting Standards for Not-for-Profit Organizations CICA Handbook Accounting, Part III Background Information and Basis for Conclusions Foreword In December 2010, the Accounting Standards Board (AcSB)

More information

P SAB. What it is & What it does. Better information for decision making and accountability for Canadian governments

P SAB. What it is & What it does. Better information for decision making and accountability for Canadian governments P SAB What it is & What it does Better information for decision making and accountability for Canadian governments The Public Sector Accounting Board of Canada 277 Wellington Street West Toronto, Ontario

More information

Background Information and Basis for Conclusions Section 1591 CPA Canada Handbook Accounting, Part II

Background Information and Basis for Conclusions Section 1591 CPA Canada Handbook Accounting, Part II Subsidiaries Background Information and Basis for Conclusions Section 1591 CPA Canada Handbook Accounting, Part II Foreword In September 2014, the Accounting Standards Board (AcSB) released SUBSIDIARIES,

More information

RE: PCAOB Rulemaking Docket Matter No. 004 Statement Regarding the Establishment of Auditing and Other Professional Standards

RE: PCAOB Rulemaking Docket Matter No. 004 Statement Regarding the Establishment of Auditing and Other Professional Standards May 12, 2003 Office of the Secretary Public Company Accounting Oversight Board 1666 K Street, N.W. Washington, D.C. 20006-2803 RE: PCAOB Rulemaking Docket Matter No. 004 Statement Regarding the Establishment

More information

PSAB CCSP. Message from the Chair. May 2011. In This Issue. PSAB Mission. Upcoming PSAB Meetings

PSAB CCSP. Message from the Chair. May 2011. In This Issue. PSAB Mission. Upcoming PSAB Meetings May 2011 Highlights of PSAB Mission The ( PSAB ) serves the public interest by: Establishing standards and other guidance for financial reporting by Canadian entities in the public sector Contributing

More information

PSAB CCSP. Message from the Chair. April 2013. In This Issue. PSAB Mission. Upcoming PSAB Meetings

PSAB CCSP. Message from the Chair. April 2013. In This Issue. PSAB Mission. Upcoming PSAB Meetings April 2013 Handbook Section on Highlights of New PSAB Mission The ( PSAB ) serves the public interest by: Establishing standards and other guidance for financial reporting by Canadian entities in the public

More information

CORPORATE GOVERNANCE GUIDELINES

CORPORATE GOVERNANCE GUIDELINES As of February 2012 CORPORATE GOVERNANCE GUIDELINES I. Introduction These corporate governance principles have been adopted by the Board of Directors (the Board ) of L-3 Communications Holdings, Inc. (

More information

Reporting Service Performance Information

Reporting Service Performance Information AASB Exposure Draft ED 270 August 2015 Reporting Service Performance Information Comments to the AASB by 12 February 2016 PLEASE NOTE THIS DATE HAS BEEN EXTENDED TO 29 APRIL 2016 How to comment on this

More information

IMMUNOGEN, INC. CORPORATE GOVERNANCE GUIDELINES OF THE BOARD OF DIRECTORS

IMMUNOGEN, INC. CORPORATE GOVERNANCE GUIDELINES OF THE BOARD OF DIRECTORS IMMUNOGEN, INC. CORPORATE GOVERNANCE GUIDELINES OF THE BOARD OF DIRECTORS Introduction As part of the corporate governance policies, processes and procedures of ImmunoGen, Inc. ( ImmunoGen or the Company

More information

IFRS Foundation. Constitution. Revised and approved by the Trustees January 2013

IFRS Foundation. Constitution. Revised and approved by the Trustees January 2013 IFRS Foundation Constitution Revised and approved by the Trustees January 2013 IFRS Foundation Constitution This document has been issued by the IFRS Foundation and has not been approved by the International

More information

ISA 200, Overall Objective of the Independent Auditor, and the Conduct of an Audit in Accordance with International Standards on Auditing

ISA 200, Overall Objective of the Independent Auditor, and the Conduct of an Audit in Accordance with International Standards on Auditing International Auditing and Assurance Standards Board Exposure Draft April 2007 Comments are requested by September 15, 2007 Proposed Revised and Redrafted International Standard on Auditing ISA 200, Overall

More information

Corporate Governance Code for Banks

Corporate Governance Code for Banks Corporate Governance Code for Banks Foreword Further to issuing the Bank Director s Handbook of Corporate Governance in 2004, the Central Bank of Jordan is continuing in its efforts to enhance corporate

More information

INTEGRATED SILICON SOLUTION, INC. CORPORATE GOVERNANCE PRINCIPLES. Effective January 9, 2015

INTEGRATED SILICON SOLUTION, INC. CORPORATE GOVERNANCE PRINCIPLES. Effective January 9, 2015 INTEGRATED SILICON SOLUTION, INC. CORPORATE GOVERNANCE PRINCIPLES Effective January 9, 2015 These principles have been adopted by the Board of Directors (the "Board") of Integrated Silicon Solution, Inc.

More information

INTERNAL AUDIT FRAMEWORK

INTERNAL AUDIT FRAMEWORK INTERNAL AUDIT FRAMEWORK April 2007 Contents 1. Introduction... 3 2. Internal Audit Definition... 4 3. Structure... 5 3.1. Roles, Responsibilities and Accountabilities... 5 3.2. Authority... 11 3.3. Composition...

More information

Strategy for 2015 2019: Fulfilling Our Public Interest Mandate in an Evolving World

Strategy for 2015 2019: Fulfilling Our Public Interest Mandate in an Evolving World The IAASB s Strategy for 2015 2019 December 2014 International Auditing and Assurance Standards Board Strategy for 2015 2019: Fulfilling Our Public Interest Mandate in an Evolving World This document was

More information

IFRS APPLICATION AROUND THE WORLD JURISDICTIONAL PROFILE: Canada

IFRS APPLICATION AROUND THE WORLD JURISDICTIONAL PROFILE: Canada IFRS APPLICATION AROUND THE WORLD JURISDICTIONAL PROFILE: Canada Disclaimer: The information in this Profile is for general guidance only and may change from time to time. You should not act on the information

More information

EMC CORPORATION. Corporate Governance Guidelines

EMC CORPORATION. Corporate Governance Guidelines EMC CORPORATION Corporate Governance Guidelines The following Corporate Governance Guidelines (the Guidelines ) have been adopted by the Board of Directors (the Board ) of EMC Corporation (the Company

More information

ISRE 2400 (Revised), Engagements to Review Historical Financial Statements

ISRE 2400 (Revised), Engagements to Review Historical Financial Statements International Auditing and Assurance Standards Board Exposure Draft January 2011 Comments requested by May 20, 2011 Proposed International Standard on Review Engagements ISRE 2400 (Revised), Engagements

More information

Hunter Hall International Limited

Hunter Hall International Limited Hunter Hall International Limited ABN 43 059 300 426 Board Charter 1. Purpose 1.1 Hunter Hall International Limited (Hunter Hall, HHL) is an ASX-listed investment management company. 1.2 This Board Charter

More information

Background Information and Basis for Conclusions CPA Canada Handbook Accounting, Part II

Background Information and Basis for Conclusions CPA Canada Handbook Accounting, Part II 2014 Improvements to Accounting Standards for Private Enterprises Background Information and Basis for Conclusions CPA Canada Handbook Accounting, Part II Foreword In October 2014, the Accounting Standards

More information

Annual Assessment of the External Auditor

Annual Assessment of the External Auditor Annual Assessment of the External Auditor TOOL FOR AUDIT COMMITTEES January 2014 ENHANCING AUDIT QUALITY AUDIT COMMITTEES iii Table of Contents Introduction 1 1. Determine the scope, timing and process

More information

ADOBE CORPORATE GOVERNANCE GUIDELINES

ADOBE CORPORATE GOVERNANCE GUIDELINES Contents 2 Introduction 2 The Mission of the Board of Directors 2 Guidelines for Corporate Governance ADOBE CORPORATE GOVERNANCE GUIDELINES 2 Selection of the Board 3 Board Leadership 3 Board Composition,

More information

AMR Corporation Board of Directors Governance Policies

AMR Corporation Board of Directors Governance Policies AMR Corporation Board of Directors Governance Policies The basic responsibilities of a Director of AMR Corporation (the Company ) are to exercise the Director s business judgment to act in what the Director

More information

BRITISH SKY BROADCASTING GROUP PLC MEMORANDUM ON CORPORATE GOVERNANCE

BRITISH SKY BROADCASTING GROUP PLC MEMORANDUM ON CORPORATE GOVERNANCE BRITISH SKY BROADCASTING GROUP PLC MEMORANDUM ON CORPORATE GOVERNANCE INTRODUCTION British Sky Broadcasting Group plc ( the Company ) endorses the statement in the UK Corporate Governance Code ( the Corporate

More information

Proposed Consequential and Conforming Amendments to Other ISAs

Proposed Consequential and Conforming Amendments to Other ISAs IFAC Board Exposure Draft November 2012 Comments due: March 14, 2013, 2013 International Standard on Auditing (ISA) 720 (Revised) The Auditor s Responsibilities Relating to Other Information in Documents

More information

Review of corporate governance reporting requirements within NZX Main Board Listing Rules

Review of corporate governance reporting requirements within NZX Main Board Listing Rules Review of corporate governance reporting requirements within NZX Main Board Listing Rules Discussion Document 2 November 2015 CONTENTS 1. Introduction... 3 2. Background... 5 3. Objectives of review and

More information

T-MOBILE US, INC. CORPORATE GOVERNANCE GUIDELINES

T-MOBILE US, INC. CORPORATE GOVERNANCE GUIDELINES T-MOBILE US, INC. CORPORATE GOVERNANCE GUIDELINES Purpose. The Board of Directors (the Board ) of T-Mobile US, Inc. (the Company ) has developed these corporate governance guidelines (the Guidelines )

More information

MUTUAL OF OMAHA INSURANCE COMPANY CORPORATE GOVERNANCE STANDARDS

MUTUAL OF OMAHA INSURANCE COMPANY CORPORATE GOVERNANCE STANDARDS MUTUAL OF OMAHA INSURANCE COMPANY CORPORATE GOVERNANCE STANDARDS The Board of Mutual of Omaha Insurance Company (the Corporation ) has adopted these corporate governance standards to further its longstanding

More information

PROPOSED INTERNATIONAL STANDARD ON AUDITING (ISA) 701 COMMUNICATING KEY AUDIT MATTERS IN THE INDEPENDENT AUDITOR S REPORT

PROPOSED INTERNATIONAL STANDARD ON AUDITING (ISA) 701 COMMUNICATING KEY AUDIT MATTERS IN THE INDEPENDENT AUDITOR S REPORT PROPOSED INTERNATIONAL STANDARD ON AUDITING (ISA) 701 COMMUNICATING KEY AUDIT MATTERS IN THE INDEPENDENT AUDITOR S REPORT Introduction (Effective for audits of financial statements for periods [beginning/ending

More information

BOARD CHARTER. Its objectives are to: provide strategic guidance for the Company and effective oversight of management;

BOARD CHARTER. Its objectives are to: provide strategic guidance for the Company and effective oversight of management; BOARD CHARTER Objectives The Board is ultimately responsible for the oversight and review of the management, operations and overall corporate governance of the Company. Its objectives are to: provide strategic

More information

Addressing Disclosures in the Audit of Financial Statements

Addressing Disclosures in the Audit of Financial Statements Exposure Draft May 2014 Comments due: September 11, 2014 Proposed Changes to the International Standards on Auditing (ISAs) Addressing Disclosures in the Audit of Financial Statements This Exposure Draft

More information

Work Plan for 2015 2016: Enhancing Audit Quality and Preparing for the Future. The IAASB s Work Plan for 2015 2016 December 2014

Work Plan for 2015 2016: Enhancing Audit Quality and Preparing for the Future. The IAASB s Work Plan for 2015 2016 December 2014 The IAASB s Work Plan for 2015 2016 December 2014 International Auditing and Assurance Standards Board Work Plan for 2015 2016: Enhancing Audit Quality and Preparing for the Future This document was developed

More information

GUIDELINES AS TO THE ROLE, ORGANIZATION AND GOVERNANCE OF THE BOARD OF DIRECTORS

GUIDELINES AS TO THE ROLE, ORGANIZATION AND GOVERNANCE OF THE BOARD OF DIRECTORS GUIDELINES AS TO THE ROLE, ORGANIZATION AND GOVERNANCE OF THE BOARD OF DIRECTORS The following guidelines ( Guidelines ) have been adopted by the Board of Directors (the Board ) of Cooper Tire & Rubber

More information

WSP GLOBAL INC. AMENDED AND RESTATED CORPORATE GOVERNANCE GUIDELINES

WSP GLOBAL INC. AMENDED AND RESTATED CORPORATE GOVERNANCE GUIDELINES WSP GLOBAL INC. AMENDED AND RESTATED CORPORATE GOVERNANCE GUIDELINES MARCH 2015 TABLE OF CONTENTS 3 WSP GLOBAL INC. 3 INTRODUCTION 3 A.BOARD RESPONSIBILITIES 3 B. EXPECTATIONS OF DIRECTORS 4 C. BOARD ORGANIZATION

More information

Adoption of International Financial Reporting Standards

Adoption of International Financial Reporting Standards Adoption of International Financial Reporting Standards CICA Handbook Accounting, Part I Background Information and Basis for Conclusions FOREWORD In January 2010, the Accounting Standards Board (AcSB)

More information

METHANEX CORPORATION CORPORATE GOVERNANCE PRINCIPLES

METHANEX CORPORATION CORPORATE GOVERNANCE PRINCIPLES METHANEX CORPORATION CORPORATE GOVERNANCE PRINCIPLES CORPORATE GOVERNANCE PRINCIPLES TABLE OF CONTENTS 1. OBJECT OF THESE CORPORATE GOVERNANCE PRINCIPLES 3 2. CODE OF ETHICS 3 3. BOARD RESPONSIBLITIES

More information

CORPORATE GOVERNANCE GUIDELINES OF PERFORMANCE FOOD GROUP COMPANY

CORPORATE GOVERNANCE GUIDELINES OF PERFORMANCE FOOD GROUP COMPANY CORPORATE GOVERNANCE GUIDELINES OF PERFORMANCE FOOD GROUP COMPANY The Board of Directors is committed to achieving business success and enhancing longterm shareholder value while maintaining the highest

More information

Finance, Audit and Risk Committee Charter. Bellamy s Australia Limited ACN

Finance, Audit and Risk Committee Charter. Bellamy s Australia Limited ACN Finance, Audit and Risk Committee Charter Bellamy s Australia Limited ACN 124 272 208 1 Finance, Audit and Risk Committee Charter The Finance, Audit and Risk Committee (Committee) is established under

More information

operated by it (as the case requires).

operated by it (as the case requires). 1 Definitions In this document: ASX Board Chair CEO CFO Company Secretary Corporations Act Director means ASX Limited ACN 008 624 691 or the securities exchange operated by it (as the case requires). means

More information

INTERNATIONAL STANDARD ON AUDITING 200 OBJECTIVE AND GENERAL PRINCIPLES GOVERNING AN AUDIT OF FINANCIAL STATEMENTS CONTENTS

INTERNATIONAL STANDARD ON AUDITING 200 OBJECTIVE AND GENERAL PRINCIPLES GOVERNING AN AUDIT OF FINANCIAL STATEMENTS CONTENTS INTERNATIONAL STANDARD ON AUDITING 200 OBJECTIVE AND GENERAL PRINCIPLES GOVERNING (Effective for audits of financial statements for periods beginning on or after December 15, 2005. The Appendix contains

More information

Revised May 2007. Corporate Governance Guideline

Revised May 2007. Corporate Governance Guideline Revised May 2007 Corporate Governance Guideline Table of Contents 1. INTRODUCTION 1 2. PURPOSES OF GUIDELINE 1 3. APPLICATION AND SCOPE 2 4. DEFINITIONS OF KEY TERMS 2 5. FRAMEWORK USED BY CENTRAL BANK

More information

ALLEGIANT TRAVEL COMPANY AUDIT COMMITTEE CHARTER

ALLEGIANT TRAVEL COMPANY AUDIT COMMITTEE CHARTER I. PURPOSE ALLEGIANT TRAVEL COMPANY AUDIT COMMITTEE CHARTER (As Revised January 28, 2013) The Audit Committee shall provide assistance to the Company's Board of Directors (the "Board") in fulfilling the

More information

U & D COAL LIMITED A.C.N. 165 894 806 BOARD CHARTER

U & D COAL LIMITED A.C.N. 165 894 806 BOARD CHARTER U & D COAL LIMITED A.C.N. 165 894 806 BOARD CHARTER As at 31 March 2014 BOARD CHARTER Contents 1. Role of the Board... 4 2. Responsibilities of the Board... 4 2.1 Board responsibilities... 4 2.2 Executive

More information

NCR Corporation Board of Directors Corporate Governance Guidelines Revised January 20, 2016

NCR Corporation Board of Directors Corporate Governance Guidelines Revised January 20, 2016 NCR Corporation Board of Directors Corporate Governance Guidelines Revised January 20, 2016 NCR s Board of Directors is elected by the stockholders to govern the affairs of the Company. The Board selects

More information

IFRS Project Insights Insurance Contracts

IFRS Project Insights Insurance Contracts IFRS Project Insights Insurance Contracts December 2015 The International Accounting Standards Board ( IASB / the Board ) is undertaking a comprehensive project on the accounting for insurance contracts,

More information

CORPORATE GOVERNANCE GUIDELINES

CORPORATE GOVERNANCE GUIDELINES CORPORATE GOVERNANCE GUIDELINES The Role of the Board and Management The Board of Directors (the Board ) of Host Hotels & Resorts, Inc. ( Host or the Company ) oversees the management of Host and its business.

More information

Corporate Governance Guidelines

Corporate Governance Guidelines Corporate Governance Guidelines Fuji Heavy Industries Ltd. Chapter 1. General Provisions Article 1. Purpose These guidelines set out the basic policy, framework and operating policy of the corporate governance

More information

Final Draft Guidance on Audit Committees

Final Draft Guidance on Audit Committees Guidance Corporate Governance April 2016 Final Draft Guidance on Audit Committees The FRC is responsible for promoting high quality corporate governance and reporting to foster investment. We set the UK

More information

Guidance Note: Corporate Governance - Board of Directors. March 2015. Ce document est aussi disponible en français.

Guidance Note: Corporate Governance - Board of Directors. March 2015. Ce document est aussi disponible en français. Guidance Note: Corporate Governance - Board of Directors March 2015 Ce document est aussi disponible en français. Applicability The Guidance Note: Corporate Governance - Board of Directors (the Guidance

More information

SEMPRA ENERGY. Corporate Governance Guidelines. As adopted by the Board of Directors of Sempra Energy and amended through September 12, 2014

SEMPRA ENERGY. Corporate Governance Guidelines. As adopted by the Board of Directors of Sempra Energy and amended through September 12, 2014 SEMPRA ENERGY Corporate Governance Guidelines As adopted by the Board of Directors of Sempra Energy and amended through September 12, 2014 I Role of the Board and Management 1.1 Board Oversight Sempra

More information

Due Process for the GRI Reporting Framework

Due Process for the GRI Reporting Framework Introduction 1. All documents in the GRI Framework must be developed in accordance with the due process principles approved by the GRI Board of Directors and outlined in this document. The Technical Advisory

More information

Corporate Governance Guidelines

Corporate Governance Guidelines Corporate Governance Guidelines A. Introduction The Board of Directors (the Board ) of (the Company ) has adopted these corporate governance guidelines to provide a framework within which the Board may

More information

A I. C A Q A p p r o a c h to A u d i t Q u a l i ty I n d i c a to r s

A I. C A Q A p p r o a c h to A u d i t Q u a l i ty I n d i c a to r s C A Q A p p r Qo a c h to A u d i t u a l i ty n d i c a to r s A C A Q A p p r o a c h to A u d i t Q u a l i ty n d i c a to r s The Center for Audit Quality (CAQ) is an autonomous public policy organization

More information

APES 320 Quality Control for Firms

APES 320 Quality Control for Firms APES 320 Quality Control for Firms APES 320 Quality Control for Firms is based on International Standard on Quality Control (ISQC 1) (as published in the Handbook of International Auditing, Assurance,

More information

OPPENHEIMER HOLDINGS INC. CORPORATE GOVERNANCE GUIDELINES

OPPENHEIMER HOLDINGS INC. CORPORATE GOVERNANCE GUIDELINES OPPENHEIMER HOLDINGS INC. CORPORATE GOVERNANCE GUIDELINES INTRODUCTION The Board of Directors (the "Board") of Oppenheimer Holdings Inc. ("Oppenheimer") is committed to fulfilling its mandate to oversee

More information

(Effective as of December 15, 2009) CONTENTS

(Effective as of December 15, 2009) CONTENTS INTERNATIONAL STANDARD ON QUALITY CONTROL 1 QUALITY CONTROL FOR FIRMS THAT PERFORM AUDITS AND REVIEWS OF FINANCIAL STATEMENTS, AND OTHER ASSURANCE AND RELATED SERVICES ENGAGEMENTS (Effective as of December

More information

COTT CORPORATION CORPORATE GOVERNANCE GUIDELINES INTRODUCTION

COTT CORPORATION CORPORATE GOVERNANCE GUIDELINES INTRODUCTION COTT CORPORATION CORPORATE GOVERNANCE GUIDELINES INTRODUCTION The Board of Directors of Cott Corporation (the Corporation ) is committed to fulfilling its statutory mandate to supervise the management

More information

IFRS 10 Consolidated Financial Statements and IFRS 12 Disclosure of Interests in Other Entities

IFRS 10 Consolidated Financial Statements and IFRS 12 Disclosure of Interests in Other Entities May 2011 (updated January 2012) Project Summary and Feedback Statement IFRS 10 Consolidated Financial Statements and IFRS 12 Disclosure of Interests in Other Entities At a glance We, the International

More information

CORPORATE GOVERNANCE GUIDELINES AND PRINCIPLES OF PBF ENERGY INC.

CORPORATE GOVERNANCE GUIDELINES AND PRINCIPLES OF PBF ENERGY INC. CORPORATE GOVERNANCE GUIDELINES AND PRINCIPLES OF PBF ENERGY INC. The Board of Directors (the Board ) of PBF Energy Inc. (the Company ) has adopted the following Corporate Governance Guidelines and Principles

More information

Blue Cross and Blue Shield of North Carolina Corporate Governance Guidelines

Blue Cross and Blue Shield of North Carolina Corporate Governance Guidelines Blue Cross and Blue Shield of North Carolina Corporate Governance Guidelines Over the course of Blue Cross and Blue Shield of North Carolina s ( BCBSNC or the Company ) history, the Board of Trustees (the

More information

EXHIBIT A THE TIMKEN COMPANY BOARD OF DIRECTORS GENERAL POLICIES AND PROCEDURES

EXHIBIT A THE TIMKEN COMPANY BOARD OF DIRECTORS GENERAL POLICIES AND PROCEDURES 2014 EXHIBIT A THE TIMKEN COMPANY BOARD OF DIRECTORS GENERAL POLICIES AND PROCEDURES The primary duty of the Board of Directors (the Board ) is to promote the best interests of the Company through overseeing

More information

CATAMARAN CORPORATION CORPORATE GOVERNANCE GUIDELINES

CATAMARAN CORPORATION CORPORATE GOVERNANCE GUIDELINES CATAMARAN CORPORATION CORPORATE GOVERNANCE GUIDELINES Approved by the Board on December 12, 2012, as amended on March 6, 2013 and September 3, 2014 The following Corporate Governance Guidelines have been

More information

Final Document. Title: IMDRF Standards Operating Procedures. Authoring Group: IMDRF Management Committee. Date: 17 December 2014

Final Document. Title: IMDRF Standards Operating Procedures. Authoring Group: IMDRF Management Committee. Date: 17 December 2014 IMDRF/MC/N2FINAL:2014 (Edition 2) Final Document Title: Authoring Group: IMDRF Standards Operating Procedures IMDRF Management Committee Date: 17 December 2014 Jeff Shuren, IMDRF Chair This document was

More information

Appendix 15 CORPORATE GOVERNANCE CODE AND CORPORATE GOVERNANCE REPORT

Appendix 15 CORPORATE GOVERNANCE CODE AND CORPORATE GOVERNANCE REPORT Appendix 15 CORPORATE GOVERNANCE CODE AND CORPORATE GOVERNANCE REPORT The Code This Code sets out the principles of good corporate governance, and two levels of recommendations: code provisions; and recommended

More information

CORPORATE GOVERNANCE GUIDELINES

CORPORATE GOVERNANCE GUIDELINES CORPORATE GOVERNANCE GUIDELINES The term "Corporation" refers to Pembina Pipeline Corporation, the term "Pembina" refers collectively to the Corporation and all entities controlled by the Corporation,

More information

PERFORMANCE SPORTS GROUP LTD. CORPORATE GOVERNANCE GUIDELINES

PERFORMANCE SPORTS GROUP LTD. CORPORATE GOVERNANCE GUIDELINES PERFORMANCE SPORTS GROUP LTD. CORPORATE GOVERNANCE GUIDELINES 1.0 Introduction The board of directors (the Board ) of Performance Sports Group Ltd. (the Corporation ) is elected by the shareholders of

More information

AUDIT COMMITTEE TERMS OF REFERENCE

AUDIT COMMITTEE TERMS OF REFERENCE AUDIT COMMITTEE TERMS OF REFERENCE 1. Purpose The Audit Committee will assist the Board of Directors (the "Board") in fulfilling its oversight responsibilities. The Audit Committee will review the financial

More information

SPIN MASTER CORP. CHARTER OF THE AUDIT COMMITTEE

SPIN MASTER CORP. CHARTER OF THE AUDIT COMMITTEE SPIN MASTER CORP. CHARTER OF THE AUDIT COMMITTEE 1. Introduction This charter (the Charter ) sets forth the purpose, composition, duties and responsibilities of the Audit Committee (the Committee ) of

More information

Guidance on the Operation of Staff-Student Liaison Committees

Guidance on the Operation of Staff-Student Liaison Committees Guidance on the Operation of Staff-Student Liaison Committees September 2012 Guidance on the Operation of Staff-Student Liaison Committees 1. Introduction The Code of Practice on Student Representation

More information

ISAE 3000 (Revised), Assurance Engagements Other Than Audits or Reviews of Historical Financial Information

ISAE 3000 (Revised), Assurance Engagements Other Than Audits or Reviews of Historical Financial Information International Auditing and Assurance Standards Board Exposure Draft April 2011 Comments requested by September 1, 2011 Proposed International Standard on Assurance Engagements (ISAE) ISAE 3000 (Revised),

More information

Corporate Governance Guidelines

Corporate Governance Guidelines Corporate Governance Guidelines IDEXX Laboratories, Inc. Introduction The Board of Directors (the Board ) of IDEXX Laboratories, Inc. (the Company ) has adopted the following Corporate Governance Guidelines

More information

Audit and Risk Committee Charter

Audit and Risk Committee Charter Audit and Risk Committee Charter SCENTRE GROUP LIMITED ABN 66 001 671 496 SCENTRE MANAGEMENT LIMITED ABN 41 001 670 579 AFS Licence No: 230329 as responsible entity of Scentre Group Trust 1 ABN 55 191

More information

BRIT Limited MEMORANDUM ON CORPORATE GOVERNANCE

BRIT Limited MEMORANDUM ON CORPORATE GOVERNANCE 1 BRIT Limited MEMORANDUM ON CORPORATE GOVERNANCE INTRODUCTION Brit Limited ( the Company ) endorses the statement in the UK Corporate Governance Code (the UK Code ) that the purpose of Corporate Governance

More information

Risk and Audit Committee Terms of Reference. 16 June 2016

Risk and Audit Committee Terms of Reference. 16 June 2016 Risk and Audit Committee Terms of Reference 16 June 2016 Risk and Audit Committee Terms of Reference BHP Billiton Limited and BHP Billiton Plc Approved by the Boards of BHP Billiton Limited and BHP Billiton

More information

Charter. Audit and Compliance Committee of the Board of the Water Corporation

Charter. Audit and Compliance Committee of the Board of the Water Corporation Charter Audit and Compliance Committee of the Board of the Water Corporation 1. Purpose To assist the Board of Directors in fulfilling its oversight responsibilities for the financial reporting process,

More information

ISA 620, Using the Work of an Auditor s Expert. Proposed ISA 500 (Redrafted), Considering the Relevance and Reliability of Audit Evidence

ISA 620, Using the Work of an Auditor s Expert. Proposed ISA 500 (Redrafted), Considering the Relevance and Reliability of Audit Evidence International Auditing and Assurance Standards Board Exposure Draft October 2007 Comments are requested by February 15, 2008 Proposed Revised and Redrafted International Standard on Auditing ISA 620, Using

More information

Competence Requirements for Audit Professionals

Competence Requirements for Audit Professionals Education Committee Exposure Draft April 2005 Comments are requested by July 15, 2005 Proposed International Education Standard for Professional Accountants Competence Requirements for Audit Professionals

More information

Appendix 14 CORPORATE GOVERNANCE CODE AND CORPORATE GOVERNANCE REPORT

Appendix 14 CORPORATE GOVERNANCE CODE AND CORPORATE GOVERNANCE REPORT Appendix 14 CORPORATE GOVERNANCE CODE AND CORPORATE GOVERNANCE REPORT The Code This Code sets out the principles of good corporate governance, and two levels of recommendations: code provisions; and recommended

More information

BACKGROUND NOTE ON ACTION PLANS

BACKGROUND NOTE ON ACTION PLANS BACKGROUND NOTE ON ACTION PLANS SMO Action Plans are developed by IFAC Members and Associates to demonstrate fulfillment of IFAC Statements of Membership Obligations (SMOs). SMOs require IFAC Members and

More information

Quality Assurance Team. Policy and Procedures Manual

Quality Assurance Team. Policy and Procedures Manual Quality Assurance Team Policy and Procedures Manual Version 1.3 30 JUNE 2009 Version History The Quality Assurance Team Policy and Procedures Manual is available on the QAT Web site. Release Date Version

More information

1.2 The conduct of the Board is also governed by the Company's Constitution (Constitution).

1.2 The conduct of the Board is also governed by the Company's Constitution (Constitution). 1. Purpose of the Charter 1.1 This Board Charter (Charter) sets out the role, composition and responsibilities of the Board of Directors of Atlantic Ltd (Atlantic or Company) within the governance structure

More information

CORPORATE GOVERNANCE GUIDELINES (as amended and restated on January 20, 2014)

CORPORATE GOVERNANCE GUIDELINES (as amended and restated on January 20, 2014) CORPORATE GOVERNANCE GUIDELINES (as amended and restated on January 20, 2014) The Board of Directors (the Board or individually Director ) of Symantec Corporation (the Company ) represents the interests

More information

Doha Bank. Board of Directors Terms of Reference. Version 1.0

Doha Bank. Board of Directors Terms of Reference. Version 1.0 Doha Bank Board of Directors Terms of Reference Version 1.0 TABLE OF CONTENTS INTRODUCTION... 1 BOARD MEETINGS... 2 BOARD COMPOSITION... 4 ROLES AND RESPONSIBILITIES...5 BOARD COMMITTEES... 11 BOARD MEMBERSHIP...15

More information

INTERNATIONAL STANDARD ON REVIEW ENGAGEMENTS 2410 REVIEW OF INTERIM FINANCIAL INFORMATION PERFORMED BY THE INDEPENDENT AUDITOR OF THE ENTITY CONTENTS

INTERNATIONAL STANDARD ON REVIEW ENGAGEMENTS 2410 REVIEW OF INTERIM FINANCIAL INFORMATION PERFORMED BY THE INDEPENDENT AUDITOR OF THE ENTITY CONTENTS INTERNATIONAL STANDARD ON ENGAGEMENTS 2410 OF INTERIM FINANCIAL INFORMATION PERFORMED BY THE INDEPENDENT AUDITOR OF THE ENTITY (Effective for reviews of interim financial information for periods beginning

More information

JASON INDUSTRIES, INC. CORPORATE GOVERNANCE GUIDELINES

JASON INDUSTRIES, INC. CORPORATE GOVERNANCE GUIDELINES JASON INDUSTRIES, INC. CORPORATE GOVERNANCE GUIDELINES Jason Industries, Inc. (the Company ) is committed to developing effective, transparent and accountable corporate governance practices. These Corporate

More information

Agenda reference 10. IAS 37 Provisions, Contingent Liabilities and Contingent Assets - discount rate

Agenda reference 10. IAS 37 Provisions, Contingent Liabilities and Contingent Assets - discount rate IFRS Interpretations Committee Meeting Staff Paper Agenda reference 10 Date November 2010 Project Topic New items for initial consideration IAS 37 Provisions, Contingent Liabilities and Contingent Assets

More information

CONTACT(S) Li Li Lian llian@ifrs.org +44 20 7246 6486

CONTACT(S) Li Li Lian llian@ifrs.org +44 20 7246 6486 IASB Agenda ref 10E STAFF PAPER REG IASB Meeting Project Conceptual Framework Paper topic Purpose and status of the Conceptual Framework CONTACT(S) Li Li Lian llian@ifrs.org +44 20 7246 6486 April 2014

More information

EFRAG - INTERNAL RULES

EFRAG - INTERNAL RULES EFRAG - INTERNAL RULES EFFECTIVE DATE: 31 OCTOBER 2014 Approved EFRAG General Assembly 16 June 2014 Article 1 Legal basis for the Internal Rules The internal rules implement Articles 5, 6, 7 and 8 of the

More information

HOW THE WORLD CONSERVATION CONGRESS MOTIONS PROCESS WORKS

HOW THE WORLD CONSERVATION CONGRESS MOTIONS PROCESS WORKS HOW THE WORLD CONSERVATION CONGRESS MOTIONS PROCESS WORKS The Motions process is a central element of IUCN s governance system and an important means by which Members can influence future directions in

More information

CORPORATE GOVERNANCE GUIDELINES

CORPORATE GOVERNANCE GUIDELINES CORPORATE GOVERNANCE GUIDELINES INTRODUCTION These Corporate Governance Guidelines provide a framework of authority and accountability to enable the Board of Directors and management to make timely and

More information

Policy for Translating and Reproducing Standards Published by the International Federation of Accountants

Policy for Translating and Reproducing Standards Published by the International Federation of Accountants Policy Statement May 2015 International Federation of Accountants Policy for Translating and Reproducing Standards Published by the International Federation of Accountants This document was developed and

More information

EBA FINAL draft Regulatory Technical Standards

EBA FINAL draft Regulatory Technical Standards EBA/RTS/2015/03 03 July 2015 EBA FINAL draft Regulatory Technical Standards on resolution colleges under Article 88(7) of Directive 2014/59/EU Contents 1. Executive summary 3 2. Background and rationale

More information

TWITTER, INC. CORPORATE GOVERNANCE GUIDELINES. (Adopted on October 19, 2013; effective as of the corporation s initial public offering)

TWITTER, INC. CORPORATE GOVERNANCE GUIDELINES. (Adopted on October 19, 2013; effective as of the corporation s initial public offering) TWITTER, INC. CORPORATE GOVERNANCE GUIDELINES (Adopted on October 19, 2013; effective as of the corporation s initial public offering) The Board of Directors (the Board ) of Twitter, Inc. (the Company

More information

THE OPTIONS CLEARING CORPORATION BOARD OF DIRECTORS CORPORATE GOVERNANCE PRINCIPLES

THE OPTIONS CLEARING CORPORATION BOARD OF DIRECTORS CORPORATE GOVERNANCE PRINCIPLES THE OPTIONS CLEARING CORPORATION BOARD OF DIRECTORS CORPORATE GOVERNANCE PRINCIPLES The following Corporate Governance Principles have been adopted by the Board of Directors (the Board ) of The Options

More information

Sustainable Purchasing Leadership Council Operating Policies & Procedures. April 2014

Sustainable Purchasing Leadership Council Operating Policies & Procedures. April 2014 Sustainable Purchasing Leadership Council Operating Policies & Procedures Adopted on October 23, 2013 Revised on April 28, 2014 I. General Provisions 1. Scope of Operating Policies and Procedures. These

More information