Who Sets Accounting Standards? The Chartered Professional Accountants - Canada (CPA Canada) profession works together with international organizations such as the Financial Accounting Standards Board (FASB), American Institute of Certified Public Accountants (AICPA), Securities and Exchange Commission (SEC), and the International Accounting Standards Board (IASB), to create new and amend older standards in order to establish and maintain a common language for communicating financial information.
Relevant Accounting & Auditing Standards for Canadian Companies
Handbooks & Guides from CPA Canada
International Accounting Standards
Guidance Documents for U.S. Accounting Standards & Topics
Who Sets Auditing Standards? The Auditing and Assurance Standards Board (AASB) has the authority, as reflected in federal and provincial Business Corporations Acts and other legislation and securities regulations, to set generally accepted auditing standards (GAAS) for financial statement audits.
The AASB also sets standards for other services performed by public accountants, including assurance services other than audits of financial statements such as reviews of financial statements and audits and reviews of information other than financial statements, as well as related services such as compilation engagements and engagements to perform agreed-upon auditing procedures.