Explain How Accounting Standards Are Set in Canada

question 53

Essay

Explain how accounting standards are set in Canada. Your answer should list the different groups responsible for setting standards and which types of businesses use each standard.

---

Definitions:

Surplus Value

In Marxist theory, the value produced by the labor of workers over and above the wages paid to them, constituting profit for the capitalists.

Karl Marx

A 19th-century philosopher, economist, and political theorist best known for his ideas on capitalism, class struggle, and the development of socialist theory.

Raw Materials

Basic, unprocessed materials that are used as the foundation to produce goods, often including metals, oils, grains, and timber.

Information Revolution

A period of rapid technological advancements and societal changes marked by the widespread adoption of computers and the internet, significantly altering the way information is created, shared, and consumed.