Why are there two sets of standards for profit-oriented enterprises in Canada?

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Why are there two sets of standards for profit-oriented enterprises in Canada?
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Accounting Principles

ISBN: 978-1119048503

7th Canadian Edition Volume 1

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak

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