International accounting standards board (iasb) tries to reduces areas of difference in: canada has standards set by the accounting standards board (acsb), created by the canadian. Institute of chartered accountants: accounting standards oversight council oversees the activities of the acsb, acsb recommended that profit-oriented publicly traded companies in canada move to. Going concern assumption states that the business will remain in operation for the foreseeable future directly related to the cost principle if a going concern is not assumed, assets should be stated at their liquidation value. Accounting principles principles that describe how economic events should be recorded and reported are know as generally accepted accounting principles (gaap) legislation is currently being updated in canada to allow the use of international accounting standards. Cost principle assets be recorded at their cost at the time of acquisition cost is most relevant value because the asset is intended for use in the business, not being used for resale.