In Canada, ________ is primarily responsible for evaluating, setting, or modifying accounting guidelines.

Question

Quizplus · Accepted Answer

The Accounting Standards Board (AcSB) is the primary organization responsible for evaluating, setting, or modifying accounting guidelines in Canada. The Generally Accepted Accounting Principles (GAAP) in Canada are created by the AcSB and are mostly based on International Financial Reporting Standards (IFRS). The Internal Revenue Service (IRS) is an agency of the United States government that is responsible for the collection of taxes and enforcement of tax laws. GAAT is not a relevant organization in accounting standards in Canada. IFRS is a set of international accounting standards, but they are not primarily responsible for setting accounting guidelines in Canada.

In Canada, ________ Is Primarily Responsible for Evaluating, Setting, or Modifying