The Accounting Standards Board (AcSB) established the Academic Advisory Council in April 2005 to improve the input to the AcSB’s activities from academe.
Two CPABC members are on the Advisory Council: Dr. Kin Lo FCPA FCA is Senior Associate Dean -Students, CPA Professor in Accounting and Associate Professor; and Dr. Joy Begley CPA CGA, the Ronald L. Cliff Professor in Accounting and Associate Professor. Both Drs. Lo and Begley are in the Accounting and Information Systems Division at UBC|Sauder School of Business.
The purpose of the Council is to ensure that the AcSB is fully informed of academic research in areas relevant to setting accounting standards, and that academic research programs benefiting the standard-setting process are developed on a timely basis. The AcSB also hopes that the Council will increase accounting academics’ understanding of Canadian and international standard-setting initiatives and issues. Closer ties between the academic community and standard setters will ensure that the basic concepts and principles being taught to tomorrow’s accountants are consistent with those used in the development of accounting standards.
Accounting academics conduct a great deal of research and their findings may have important implications for standard setters (not to mention practitioners). The transmission of research findings from within the academic community to standard setters has historically been slower than it could be. The Council is intended to address this shortcoming and to improve communication generally between accounting academics and the AcSB.