In Canada, the Body Which Is NOT Instrumental in the Development

question 21

Multiple Choice

In Canada, the body which is NOT instrumental in the development of financial reporting standards is the

• A)Accounting Standards Board (AcSB).
• B)Financial Accounting Standards Board (FASB).
• C)International Accounting Standards Board (IASB).
• D)American Institute of Certified Public Accountants.

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Definitions:

English Rule

A legal principle where the losing party in a lawsuit is required to pay the winning party's legal costs.

American Rule

A legal principle stating that each party in a lawsuit typically pays their own attorney's fees, regardless of who wins.

First-Assignment-In-Time Rule

A principle stating that, in case of a conflict, the rights to a property or asset are granted to the first party to receive assignment or claim to it.

Third-Party Beneficiary

A person or group that benefits from a contract made between two other parties, despite not being a direct party to the contract.