The Ontario Securities Commission on Accounting and Auditing from the 1960s to 2008 - Part 3: The Fifth Chief Accountant, 1996-2008

Abstract

John Carchrae, Fifth Chief Accountant of the Ontario Securities Commission, served 1996-2008. This term was greater than that of all predecessors combined and covered momentous events concerning accounting and auditing that produced substantial regulatory reform. During this period the OSC challenged the accounting and auditing profession to better serve the public interest. These calls were matched with regulatory action on a series of matters including, inter alia, non-GAAP measures; revenue recognition; and the development of a response to Sarbanes-Oxley that was constitutional in the Canadian context. OSC joined with other provincial regulators through the Canadian Securities Administrators (CSA) to seek harmonization of Canadian securities regulation through a series of National Instruments. Later events included the explosion of income trusts and regulatory concern regarding their accounting, especially for cash. The era closed with adoption of international accounting standards, a project encouraged by OSC for over a decade.