Which statement is correct regarding the use of the cost model and the revaluation model?
A)The cost model is not allowed under IFRS.
B)The revaluation model is the only model allowed under IFRS.
C)The cost model is the only model allowed under ASPE.
D)Either the cost model or the revaluation model can be under ASPE.

Question

Quizplus · Accepted Answer

The cost model is indeed the only model allowed under Accounting Standards for Private Enterprises (ASPE), which contrasts with International Financial Reporting Standards (IFRS) that allow for both the cost model and the revaluation model for certain types of assets.

Which Statement Is Correct Regarding the Use of the Cost