Which of the Following Is INCORRECT Regarding Differences Between IFRS

question 24

Multiple Choice

Which of the following is INCORRECT regarding differences between IFRS and ASPE?

• A) Both IFRS and ASPE mandate a list of required items that must be presented.
• B) IFRS requires that held-for-sale assets be reclassified as current assets.
• C) Comprehensive income is not recognized under ASPE.
• D) Both IFRS and ASPE require presentation of both basic and diluted EPS.

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Definitions:

Anticipatory Repudiation

An assertion or action by a party indicating that he or she will not perform an obligation that he or she is contractually obligated to perform at a future time.

Material Breach

A significant violation of a contract that substantially undermines the agreement, giving the aggrieved party the right to seek legal remedies.

Non-breaching Party

The party in a contractual agreement that has not failed to fulfill any terms of the contract, as opposed to the party that has broken the agreement.

Breach Of Contract

The failure to fulfill the terms of a contract by one or more parties involved in the contract.