27. If I am engaged to report on general purpose financial statements for a Canadian corporation, what types of frameworks would be considered acceptable?

For most entities in Canada, the applicable financial reporting framework, as required by its incorporating or other governing legislation to which the entity is subject, will continue to be financial reporting frameworks included in Canadian GAAP. Certain legislation and regulation permit entities to report using US GAAP. In essence, types of frameworks that are accepted for use in Canada are often those within Canadian GAAP and, in certain circumstances, US GAAP. The auditor may determine that other frameworks may also be acceptable in the circumstances of the particular engagement.