About the OSC
Office of the Chief Accountant
The Office of the Chief Accountant (OCA) supports the OSC in creating and promoting a high-quality framework for financial reporting by market participants. OCA staff advise the OSC on financial reporting, auditing and related policy issues. A key area of focus is Canada's transition to International Financial Reporting Standards (IFRS) for financial reporting for issuers and registrants for financial years beginning on or after January 1, 2011. The CSA supports Canada's move to globally harmonized, high quality accounting standards.
The OCA works with other OSC branches, external committees, public companies, registrants, auditors, legal advisors and others to promote compliance by market participants with the financial reporting requirements of securities laws. OCA staff participate directly on external committees such as the Canadian Auditing and Assurance Standards Oversight Council and the Canadian Accounting Standards Board's IFRS Discussion Group.
OCA staff worked with other branches of the OSC to facilitate the transition to adopt international financial reporting standards in Canada. On December 10, 2010 the CSA published the final National Instrument 52-107 Acceptable Accounting Principles and Auditing Standards and other IFRS-related amendments which reflect the impact of IFRS on our rules, policies and notices. On November 9, 2010 the CSA published IFRS revisions to CSA Staff Notice 52-306 Non-GAAP Financial Measures and Additional GAAP Measures.
OCA staff also initiate or recommend policy projects that seek to improve the integrity and transparency of financial reporting by public companies and other reporting issuers. Staff work with other members of the Canadian Securities Administrators (CSA) on financial reporting and policy development issues. For example, OCA staff worked with the CSA on developing requirements for internal control over financial reporting in National Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings.
Co-operation among securities regulators, the accounting profession and standards setters is vital to developing globally harmonized standards for accounting and auditing. The OCA helps the OSC manage relationships with these bodies and organizations nationally and internationally. The CSA Chief Accountants Committee sends comment letters on key IFRS issues important to Canada's capital markets to the International Accounting Standards Board (IASB). OCA staff participate with IOSCO in developing comment letters on proposed accounting standards that are issued by the IASB.
Internally, the OCA provides professional development opportunities for accountants across the OSC to enhance their professional knowledge and expertise. OCA staff are leading IFRS training for accountants across the CSA.
Externally, OCA staff consult with reporting issuers, auditors, and other stakeholders on unusual or complex technical accounting issues, and financial statement disclosures. To assist stakeholders in understanding the consultation process, the OCA has developed Guidelines for Requests for Consultations with the OCA.
Supporting and promoting high standards of financial reporting and auditing practices are key to the OSC’s ability to deliver fair and effective compliance programs. In this way the Office of the Chief Accountant supports the OSC in championing investor protection and building confidence in the integrity of capital markets.
