Accounting Standards

Who Sets Accounting Standards?

The Canadian Institute of Chartered Accountants (CICA) 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.  

Auditing Standards

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.