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Canadian ASPE Allows Accrual Accounting as an Option Whereas IFRS

question 193

True/False

Canadian ASPE allows accrual accounting as an option whereas IFRS requires accrual accounting.

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Definitions:

Disposable Income

The amount of money available to households after paying income taxes, which can be spent on necessities, savings, or leisure activities.

Consumption

The use of goods and services by households or individuals.

Disposable Income

Resources earmarked for household financial activities in saving and spending following income tax calculations.

Saving

The segment of one's income that is not consumed but saved for future investments or use.

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