ASPE and IFRS will both follow a contract-based approach to revenue recognition in the future.

Question

Quizplus · Accepted Answer

ASPE (Accounting Standards for Private Enterprises) and IFRS (International Financial Reporting Standards) differ in their approaches to revenue recognition. IFRS follows a contract-based approach as outlined in IFRS 15, while ASPE does not strictly adhere to a contract-based framework and has its own set of standards for revenue recognition.

ASPE and IFRS Will Both Follow a Contract-Based Approach to Revenue