Both IFRS and ASPE

question 99

Multiple Choice

Both IFRS and ASPE:

• A)provide the detailed accounting treatment for every business transaction.
• B)are principles based.
• C)are specific guidelines that never require professional interpretation.
• D)are designed to meet the needs of publicly accountable enterprises in Canada.

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Definitions:

Financial Futures Contracts

Agreements to buy or sell a financial instrument at a future date for a price agreed upon today.

DAX 30 Index

A stock market index that represents 30 of the largest and most liquid German companies trading on the Frankfurt Stock Exchange.

CAC 40 Index

A benchmark French stock market index that represents the 40 largest equities listed in France, measuring their performance.

Toronto 35 Index

An index that was once used to represent the performance of the 35 most significant stocks listed on the Toronto Stock Exchange.