In Canada, the body that is NOT instrumental in the development of financial reporting standards is the
A) Accounting Standards Board (AcSB).
B) Financial Accounting Standards Board (FASB).
C) International Accounting Standards Board (IASB).
D) American Institute of Certified Public Accountants.

Question

Quizplus · Accepted Answer

The American Institute of Certified Public Accountants (AICPA) is a professional organization in the United States and is not involved in developing financial reporting standards in Canada. The Accounting Standards Board (AcSB) is the main standard-setting body in Canada, while the Financial Accounting Standards Board (FASB) is the standard-setting body in the United States. The International Accounting Standards Board (IASB) is a global standard-setting organization.

In Canada, the Body That Is NOT Instrumental in the Development