Generally Accepted Accounting Principles (GAAP)in Canada were established by:

Question

Quizplus · Accepted Answer

GAAP in Canada are established by CPA Canada, which is the national organization representing the accounting profession in Canada. While IFRS (International Financial Reporting Standards) may influence the development of GAAP in Canada, CPA Canada is responsible for maintaining and updating the standards. Option A is incorrect since the origins of accounting principles can be traced back much further than 1494 and to many different countries. Option B is incorrect since it is not the Canadian Parliament that establishes accounting standards, but rather CPA Canada. Option D is partially incorrect - while IFRS may be one source of influence on GAAP in Canada, it is not the sole authority or decision-maker.

Generally Accepted Accounting Principles (GAAP)in Canada Were Established By