ASPE requires less information on the financial statements of private corporations than IFRS requires because
A) private corporations are smaller than public corporations.
B) users of private corporation financial statements have the ability to obtain additional information from the corporation if required.
C) public corporations have their information available on the internet.
D) public corporations may report in different foreign currencies.

Question

Quizplus · Accepted Answer

ASPE allows private corporations to provide less information on their financial statements because users of these statements have the ability to obtain additional information directly from the corporation if required. Unlike public corporations, private corporations do not have a legal obligation to disclose certain information to the public.

ASPE Requires Less Information on the Financial Statements of Private