Which of the following accurately describes the standard setting process in Canada?
A)The Accounting Standards Oversight Council approves the IFRS.
B)The Accounting Standards Board has no authority to alter IFRS.
C)The IFRS are jointly set by the Accounting Standards Board and the IASB.
D)The Public Sector Accounting Board oversees standards for private enterprises.

Question

Quizplus · Accepted Answer

The Accounting Standards Board (AcSB) in Canada adopts International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) without modification, meaning it does not have the authority to alter IFRS.

Which of the Following Accurately Describes the Standard Setting Process