ASPE Requires Less Information on the Financial Statements of Private

question 48

Multiple Choice

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.

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Definitions:

Transmittal

The process of sending or passing something, such as documents or information, from one person or place to another.

Organizational Director

A high-ranking individual within an organization responsible for overseeing operations, setting strategic direction, and making major decisions.

Equipment Upgrades

The process of updating or replacing old machinery, tools, or technology with newer, more efficient versions to improve operations.

Communication Technology

Tools and platforms used to facilitate exchange of information and communication, including digital and telecommunication devices.