PSAB is accountable to the Accounting Standards Oversight Council (AcSOC) to demonstrate that it has fulfilled its mandate effectively, efficiently and economically.

The responsibilities of AcSOC include:

• Appointing individuals for membership on PSAB, including the respective Chairs and, where applicable, Vice-Chairs
• Providing input to PSAB, primarily in terms of strategic direction and priorities
• Ensuring PSAB bears in mind that the needs of users of financial information should be met and the most appropriate issues should be addressed in a suitable manner
• Informing PSAB of the views of the diverse groups represented on AcSOC, as well as the views of other individuals or groups with an interest in accounting standards