Generally accepted accounting principles currently are promulgated primarily by the:
A) Canadian Academic Accounting Association (CAAA).
B) Canada Customs and Revenue Agency.
C) Ontario Securities Commission (OSC).
D) Accounting Standards Board (AcSB).

Question

Quizplus · Accepted Answer

Generally accepted accounting principles (GAAP) in Canada are promulgated primarily by the Accounting Standards Board (AcSB), which is responsible for setting accounting standards for Canadian businesses and not-for-profit organizations. The other options listed (CAAA, Canada Customs and Revenue Agency, and Ontario Securities Commission) do not have primary responsibility for setting accounting standards in Canada.

Generally Accepted Accounting Principles Currently Are Promulgated Primarily by The