The body that has the responsibility to set generally accepted accounting principles in Canada is the
A)FASB.
B)IASB.
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). The Financial Accounting Standards Board (FASB) is responsible for setting accounting standards in the United States, while the International Accounting Standards Board (IASB) sets accounting standards internationally. The Ontario Securities Commission (OSC) is responsible for regulating securities in Ontario, but not setting accounting standards.

The Body That Has the Responsibility to Set Generally Accepted