In Canada, who developed the accounting standards for private enterprises?
A)International Accounting Standards Board
B)Accounting Standards Board
C)Financial Accounting Standards Board
D)Ontario Securities Commission

Question

Quizplus · Accepted Answer

The Accounting Standards Board (ASB) developed the accounting standards for private enterprises in Canada. These standards are known as the Canadian Accounting Standards for Private Enterprises (ASPE). ASB was established in 1971 by the Canadian Institute of Chartered Accountants and was responsible for developing and maintaining accounting standards in Canada until 2010 when it was replaced by the Accounting Standards Oversight Council (ASOC). ASPE is used by private Canadian enterprises and is not applicable to public companies.

In Canada, Who Developed the Accounting Standards for Private Enterprises