One of the Differences Between IFRS and ASPE Is That

question 71

Multiple Choice

One of the differences between IFRS and ASPE is that:

• A)ASPE is used mostly in Europe.
• B)IFRS uses accrual accounting; ASPE uses cash-basis accounting.
• C)IFRS uses cash-basis accounting; ASPE uses accrual accounting.
• D)to record amortization, IFRS uses the word depreciation; ASPE allows both depreciation and amortization to be used.

---

Definitions:

Cost of Stocking Out

The financial loss and potential customer dissatisfaction resulting from insufficient inventory to meet demand.

Cutaneous Membrane

The skin, the largest organ of the body, serving as a protective barrier against environmental hazards and pathogens, and involved in sensation and temperature regulation.

Papillary Layer

The uppermost layer of the dermis, directly underneath the epidermis, containing small, finger-like projections called papillae.

Dermis

The thick layer of living tissue below the epidermis that contains blood capillaries, nerve endings, sweat glands, and other structures.