Improving Corporate Performance Measures

CPA Canada and FEI Canada develop framework to close loopholes



Canada’s accounting-rules setters, troubled by the explosion of customized earnings measures, are launching a project to create new standards to improve the use of alternative measures of profit.”

David , The Globe and Mail

Quick Summary:  


During my time with FEI Canada, I served as Editor for Canadian Financial Executive Research Foundation (CFERF), the research arm of FEI Canada. Working with member of the Policy Forums.

CFERF develops FEI Canada’s public positions, provide guidance and expert opinion on emerging topics relevant to members, and to advocate on behalf of financial executives on issues of current importance to government, regulators, accounting standards’ bodies, and other constituents who will benefit from its impartial counsel.

A partnership with the Accounting Standards Board

I am particularly proud of the work we did with the Accounting Standards Board (AcSB) to develop a set of guidelines for reporting corporate performance.

The AcSB is independent body with the authority to establish accounting standards for use by all Canadian entities outside the public sector. They serve the public interest by establishing standards for financial reporting by all Canadian private sector entities and by contributing to the development of internationally accepted financial reporting standards.

The Framework  

The Framework was created to help entities – from public to private companies, to not-for-profits and pension plans – improve the quality of financial and non-financial performance measures they choose to report outside of the financial statements.

The Aim of the Framework

The Framework aims to encourage its application of the Framework by:

• promoting awareness of the Framework, including through conferences and webinars to those charged with governance and users;

• supporting other groups and standard setters in leveraging the Framework guidance in publications and other materials that have a common objective; and

• working with certain other associations and groups to develop application guidance, such as industry and sector-based guidance.

The Process

Stakeholders were asked to provide their feedback by way of an online survey, in-person discussions, and written responses.

Over 350 stakeholders, from both the for-profit and not-for profit sectors, as well as from all parties involved in financial reporting – management, directors, providers, regulators, academics, and standard setters participated in the consultations. 

In addition to the draft Framework, with over 225 stakeholders from across Canada and 50 standard setters from other countries and received over 20 written responses. All the feedback helped guide the Board in revising the Framework.

My contribution

I worked closely with the AcSB team and CFERF Vice President to:

  • Research design and development
  • Stakeholder relations  
  • Designed survey questions
  • Developed list of stakeholders
  • Coordinate live roundtable discussions in Toronto, Montreal, and Vancouver