This article examines a unique period (1981-1998) in Canadian accounting standard-setting history when, nominally, two competing standard-setting bodies existed: the Canadian Institute of Chartered Accountants and the nascent Accounting Standards Authority of Canada. Sunder (2002a, 2002b) advocates competing accounting standard-setting regimes within a single jurisdiction to allow firms to voluntarily select standards that reflect their business model and provide the lowest cost-of-capital. This situation, however, is rare and has not been examined empirically. The existence of competing standards assumes the existence of competing standard-setters, but the entry of a new standard-setter into the domain of an existing standard-setter faces numerous obstacles. The analysis of this case suggests some factors missing from Sunder's model.