What accounting standards are private banks and investment funds required to follow for their consolidated, general-purpose, publicly issued financial statements?
A)IFRS
B)ASPE
C)NFP accounting standards
D)PSAB recommendations

Question

Quizplus · Accepted Answer

Private banks and investment funds are required to follow International Financial Reporting Standards (IFRS) for their consolidated, general-purpose, publicly issued financial statements. IFRS is the global standard for financial reporting, adopted by many countries around the world. ASPE (Accounting Standards for Private Enterprises) is a Canadian accounting standard for private companies. NFP accounting standards refer to accounting standards for not-for-profit organizations, and PSAB (Public Sector Accounting Board) recommendations are specifically for Canadian public sector entities.

What Accounting Standards Are Private Banks and Investment Funds Required