Which of the following is correct with respect to generally accepted accounting principles?
A)Public and private businesses can no longer use generally accepted accounting principles.
B)They are used in many foreign countries but not in Canada.
C)Public companies in Canada have moved away from using generally accepted accounting principles and have adopted International Financial Reporting Standards (IFRS).
D)Private companies must use the new International Financial Reporting Standards (IFRS).
E)None of these statements is correct.

Question

Quizplus · Accepted Answer

Public companies in Canada have adopted IFRS, moving away from GAAP, while private companies can choose between IFRS and Accounting Standards for Private Enterprises (ASPE).

Which of the Following Is Correct with Respect to Generally