Which government regulatory agency has the legal authority to prescribe financial reporting requirements for corporations that sell their securities in Canadian stock exchanges in the province of Ontario?

Question

Quizplus · Accepted Answer

The Ontario Securities Commission (OSC) is the government regulatory agency in Ontario that has the legal authority to prescribe financial reporting requirements for corporations that sell their securities in Canadian stock exchanges in the province of Ontario. The Canada Revenue Agency (CRA) is responsible for administering tax laws and does not have regulatory authority over financial reporting. The Accounting Standards Board (AcSB) and the Canadian Institute of Chartered Accountants (CICA) develop accounting standards and provide guidance on financial reporting, but do not have legal authority to enforce compliance.

Which Government Regulatory Agency Has the Legal Authority to Prescribe