Final answer:
The AcSB, not the OSC, issues financial accounting standards for Canadian companies, ensuring transparent and comparable financial statements under GAAP. The OSC administers securities legislation in Ontario, overseeing firms, individuals in the securities industry, and public company disclosures.
Step-by-step explanation:
The entity responsible for issuing financial accounting standards for Canadian companies is the Accounting Standards Board (AcSB) of Canada, not the OSC. The AcSB operates under the auspices of the Financial Reporting & Assurance Standards Canada, and it develops the Generally Accepted Accounting Principles (GAAP) for Canadian public and private sector entities. The standards aim to ensure that financial statements are both transparent and comparable across all businesses within Canada.
The Ontario Securities Commission (OSC), on the other hand, is an independent Crown corporation that administers and enforces securities legislation in the Province of Ontario. The OSC's role includes the oversight of firms and individuals who sell securities and provide investment advice in Ontario, as well as ensuring public companies comply with both reporting and disclosure obligations.