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.

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Definitions:

Diversification

In finance, selecting a portfolio of different (diverse) investments to limit the overall risk borne by the investor.

Economies of Scale

Cost advantages that a business can achieve due to expansion and increased production volume, leading to lower per-unit costs.

Unfriendly Merger

A takeover or merger which is not supported or welcomed by the target company's management and board of directors.

Preemptive Merger

A strategic merger aimed at preventing potential competition by acquiring or merging with a competitor before they become a larger threat.