Under ASPE, the primary sources of GAAP include
A) accounting textbooks and journals.
B) International Financial Reporting Standards.
C) the CICA Handbook and appendices.
D) research studies.

Question

Quizplus · Accepted Answer

Under ASPE, the primary sources of GAAP include the CICA Handbook and appendices, which provide guidance and standards for the preparation and presentation of financial statements in Canada. While accounting textbooks, journals, and research studies may provide useful information and insights, they are not considered primary sources of GAAP. International Financial Reporting Standards may be relevant for certain companies with global operations, but they are not mandatory for all Canadian companies under ASPE.

Under ASPE, the Primary Sources of GAAP Include