Which Statement Is Correct About the Difference Between IFRS and ASPE

question 143

Multiple Choice

Which statement is correct about the difference between IFRS and ASPE?

• A)The concept of "comprehensive income" exists under both IFRS and ASPE.
• B)A statement of compliance with ASPE is required in note disclosures.
• C)A combined statement of comprehensive income can be provided under IFRS.
• D)The concept of "comprehensive income" does not exist under ASPE.

---

Definitions:

Real GDP per Person

A measure of a country's economic output that accounts for its number of people, adjusting for inflation to reflect the true purchasing power per individual.

Expenditure

The action of spending funds or an amount of money spent.

Income

Funds that are earned, frequently on a consistent schedule, from labor or investing activities.

Real GDP per Person

An economic metric that measures the value of all finished goods and services produced within a country in a year, adjusted for inflation, and divided by the total population.