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 adpot accounting priniciples 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.
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 adpot accounting priniciples 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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 adpot accounting priniciples 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.
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