Which of the following statements is correct?
A)Businesses classified as publicly accountable enterprises must use IFRS and other businesses must use ASPE.
B)Businesses classified as publicly accountable enterprises may use IFRS or ASPE depending on their size.
C)Businesses not classified as publicly accountable enterprises may not use IFRS.
D)Businesses classified as publicly accountable enterprises must use IFRS and other businesses may use IFRS or ASPE.

Question

Quizplus · Accepted Answer

Businesses classified as publicly accountable enterprises are required to use International Financial Reporting Standards (IFRS) due to the need for transparency and comparability in their financial statements. Other businesses, which are not publicly accountable, have the option to choose between IFRS and Accounting Standards for Private Enterprises (ASPE) based on their specific needs, preferences, or the requirements of their stakeholders.

Which of the Following Statements Is Correct