In terms of presentation, the main difference between a balance sheet prepared under accounting standards for private enterprises (ASPE)and a statement of financial position prepared under international financial reporting standards (IFRS)might be:
A)the time period being covered.
B)the level of detail presented.
C)the items included.
D)the ordering of the assets and liabilities.

Question

Quizplus · Accepted Answer

The main difference in presentation between a balance sheet under ASPE and a statement of financial position under IFRS often lies in the ordering of assets and liabilities. IFRS typically requires a current/non-current distinction unless a liquidity presentation provides more reliable and relevant information, whereas ASPE allows for more flexibility in the presentation order.

In Terms of Presentation, the Main Difference Between a Balance