28. In the case where legislation does not specify the financial reporting framework that the entity should use in preparing its general purpose financial statements, what financial reporting frameworks are relevant in determining the acceptability of the applicable financial reporting framework?

The financial reporting frameworks within Canadian GAAP, which are promulgated by the Accounting Standards Board and the Public Sector Accounting Standards Board, are relevant in determining the acceptability of the applicable financial reporting framework even when incorporating or other governing legislation does not specify that generally accepted accounting principles be used when preparing general purpose financial statements.