The most common reporting framework in Canada is the ________.

Question

Quizplus · Accepted Answer

The fair presentation framework is the most common reporting framework in Canada, which is also known as the International Financial Reporting Standards (IFRS). It provides a comprehensive set of accounting standards that must be followed by publicly traded companies in Canada. The compliance framework is another reporting framework, but it is less widely used and only applies to certain industries, such as banks and insurance companies. The prospective framework is used for financial forecasts and projections, while the special purpose framework is used for specific types of financial reporting, such as regulated industries or government entities.

The Most Common Reporting Framework in Canada Is the ________