The role of the Accounting Standards Board (AcSB) in the formulation of accounting principles in Canada can be best described as
A)primary.
B)secondary.
C)sometimes primary and sometimes secondary.
D)non-existent.

Question

Quizplus · Accepted Answer

The Accounting Standards Board (AcSB) is the primary body responsible for developing and issuing accounting standards in Canada. They work closely with other regulatory bodies to ensure that accounting principles are up-to-date and reflect the needs of stakeholders in the Canadian financial reporting system.

The Role of the Accounting Standards Board (AcSB) in the Formulation