The Primary Principle Addressed by Recent Changes to ASPE and IFRS

question 47

Multiple Choice

The primary principle addressed by recent changes to ASPE and IFRS on accounting changes and error corrections is the:

• A) Going-concern principle.
• B) Matching principle.
• C) Comparability principle.
• D) Full-disclosure principle.

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Definitions:

Grandiose Sense

An inflated sense of one's importance, power, or identity, often found in narcissistic personality disorder.

Morally Superior

The belief or attitude that one's moral standards, actions, or beliefs are more virtuous or ethical than those of others.

Common Reaction

A typical or widespread response or behavior that people exhibit in a specific situation.

Concern

Concern refers to a feeling of worry or care about a particular issue or situation, often prompting individuals to take action or seek solutions.