The Accounting Standards Oversight Council
Seeks Chair for the Public Sector Accounting Board

(Toronto / October 25, 2011) — The Accounting Standards Oversight Council (AcSOC) is seeking an exceptional individual to serve as a Chair of the Public Sector Accounting Board (PSAB), beginning January 2012.

PSAB is the standard-setting body that develops and issues financial reporting standards and other guidance for governments and their organizations within Canada. Its objective is to serve the public interest by setting, under its own authority, high-quality financial reporting standards for governments and their organizations thereby enhancing the quality of, and the strengthening of public confidence, in public sector external financial reporting within Canada.

The Chair is required to serve on a remunerated basis, for a minimum of 1000 hours per year and is appointed for an initial three-year term by AcSOC, which was established to serve the public interest by overseeing and providing input to the activities of PSAB. The Chair’s main role is to provide leadership to PSAB in achieving its objectives. Another key function is to enable, encourage, and promote a deeper understanding by stakeholders of the strategies and activities of PSAB.

The Chair will also lead the strategic direction of PSAB, working closely with PSAB senior staff, and facilitate the deliberative and consultative processes, including consulting with AcSOC,  that underpin the authority of PSAB and the legitimacy of its standards, guidance and other activities. In addition, the Chair will be involved in developing and maintaining effective relationships with international standard setters, regulators, and other key stakeholders.

The successful candidate must have effective leadership, communication, and strategic skills; demonstrated technical and professional competency; and a commitment to PSAB and its mission to serve the public interest. He or she will have very significant and senior experience related to public sector financial reporting at a local, provincial or national level.  Familiarity with regulatory and standard-setting processes would be an asset.

For further information about the position, please see PSAB Chair: Role & Responsibilities.  Applications are due by November 30, 2011.

The Accounting Standards Oversight Council (AcSOC) supports the Accounting Standards Board (AcSB) and PSAB in setting accounting standards in Canada and in contributing to the development of internationally accepted accounting standards. The Council’s responsibilities include appointing AcSB and PSAB members, providing input on strategic priorities and evaluating the performances of the two boards.

The Public Sector Accounting Board (PSAB) was created to serve the public interest by establishing accounting standards and providing guidance for financial and other performance information reported by the public sector.

Contact:
Harry Klompas, CA
Secretary, Accounting Standards Oversight Council
Facsimile: +1 416 204-3214
Harry.Klompas@cica.ca