The body that has the responsibility to set generally accepted accounting principles in Canada is the:
A) FASB.
B) IASC.
C) AcSB.
D) OSC.

Question

Quizplus · Accepted Answer

The body that has the responsibility to set generally accepted accounting principles in Canada is the Accounting Standards Board (AcSB), a part of the Canadian Institute of Chartered Accountants (CICA). FASB (Financial Accounting Standards Board) is the standard-setting body in the United States, IASC (International Accounting Standards Committee) is now replaced by the IASB (International Accounting Standards Board), and OSC (Ontario Securities Commission) is a provincial regulatory agency that oversees securities markets in Ontario.

The Body That Has the Responsibility to Set Generally Accepted