Which organization oversees accounting standards in Canada?
A)Financial Accounting Standards Board.
B)Institutes of Chartered Accountants in each province.
C)Canadian Institute of Chartered Accountants.
D)International Accounting Standards Board.

Question

Quizplus · Accepted Answer

The Canadian Institute of Chartered Accountants (CICA) oversees accounting standards in Canada. The CICA has since merged with two other accounting bodies in Canada to form the Chartered Professional Accountants of Canada (CPA Canada), which now oversees accounting standards in Canada. The Financial Accounting Standards Board (FASB) is based in the United States and sets accounting standards for U.S companies. The Institutes of Chartered Accountants in each province are professional organizations for chartered accountants in each province and do not oversee accounting standards. The International Accounting Standards Board (IASB) sets accounting standards on a global level, but it does not have direct authority over accounting standards in Canada.

Which Organization Oversees Accounting Standards in Canada