What Choice(s) Do Private Enterprises Have in Their Financial Reporting

question 6

Multiple Choice

What choice(s) do private enterprises have in their financial reporting in Canada?

• A) They have no choice at all; they will need to report under IFRS.
• B) They may elect to continue with differential reporting.
• C) They may adopt accounting principles that are appropriate to the circumstances.
• D)They may elect to report under either IFRS or ASPE.

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Definitions:

Altruism

The selfless concern for the well-being of others without expecting anything in return.

Hegel

A German philosopher known for his dialectical method and the concept of the Absolute Spirit, emphasizing the historical development of consciousness and reality.

Spirit

In Hegel, the all-embracing idea that includes the entire universe and all of humanity. More generally, spirit means enthusiasm (as in “team spirit” or “when the spirit moves me”); in religion, spirit usually refers to an intangible being, such as God or, sometimes, the human soul.

Nirvana

In Buddhism, it refers to an exalted condition where there is an absence of pain, craving, or self-identity, and the individual is liberated from karma's influence and the continual cycle of mortality and rebirth.