In Canada, harmonization was chosen instead of simple adoption of the international standards because Multiple Choice the Accounting Standards Board (ACSB) wanted to maintain control over the standard setting process. it was not possible to completely converge with IFRSS, thus partial harmonization was used as a compromise. Canada wanted to follow the lead of the United States and they opted for harmonization rather than adoption. security regulations and federal and provincial Companies Acts require financial reporting in accordance with Canadian GAAP