What choice(s) do private enterprises have in their financial reporting in Canada?
A) They have no choice at all; they will need to report under IFRS.
B) They may elect to continue with differential reporting.
C) They may adopt accounting principles that are appropriate to the circumstances.
D) They may elect to report under either IFRS or ASPE but once adopted, must use all the standards.

Question

Quizplus · Accepted Answer

In Canada, private enterprises can choose to report under International Financial Reporting Standards (IFRS) or Accounting Standards for Private Enterprises (ASPE). Once a framework is chosen, they must apply all its standards consistently.

What Choice(s) Do Private Enterprises Have in Their Financial Reporting