In Canada, the body which is NOT instrumental in the development of financial reporting standards is the
A)Accounting Standards Board (AcSB).
B)Financial Accounting Standards Board (FASB).
C)International Accounting Standards Board (IASB).
D)American Institute of Certified Public Accountants.

Question

Quizplus · Accepted Answer

The American Institute of Certified Public Accountants is not an organization in Canada and therefore does not play a role in the development of financial reporting standards in Canada. The Accounting Standards Board (AcSB) is the primary body responsible for developing accounting standards in Canada, while the International Accounting Standards Board (IASB) is responsible for developing international accounting standards. The Financial Accounting Standards Board (FASB) is an organization in the United States and does not play a direct role in developing financial reporting standards in Canada, although their standards may be adopted in Canada in certain circumstances.

In Canada, the Body Which Is NOT Instrumental in the Development