comment on the following using business law with references:

in Ontario Canada,Public and private practitioners are govern byAccounting Standards Board (AcSB) and International Financial Reporting Standards (IFRS).

The AcSB notify members and stakeholders of changes to accounting standards through the CPA and/or other relative organizations.

Compliance rules varies according to practice. Ie. if you work in the NFP sector, then the NFP compilation engagement standards applies for financial statement, the Canada NFP Corporation Act (CNCA) or the Ontario NFP Act (ONCA). Additionally, if your practice is in the financial sector, then the SEC compliance standards applies. Each industry is unique and therefore requires it's own standards for compilation and reporting in accordance to the AcSB.

In general terms, disputes with stakeholder, namely users of financial statements, are settled through the public, private or audit/assurance board. Consequently, the use of litigation would serve better than ADR work when settling disputes regarding financial disclosures issues.