Which of the following statements concerning financial statement presentation is false?
A) Goodwill is reported separately from intangible assets.
B) Companies must disclose their policy for testing impairments in the notes to their statements.
C) Companies reporting under ASPE must include a reconciliation of the changes during the year in the carrying amount for each class of long-lived asset in the notes to their statements.
D) Companies reporting under IFRS must disclose whether they are using the cost or revaluation model for each class of long-lived asset in the notes to their statements.

Question

Quizplus · Accepted Answer

Under ASPE (Accounting Standards for Private Enterprises), companies are not required to include a reconciliation of the changes during the year in the carrying amount for each class of long-lived asset in the notes to their statements. This requirement is specific to IFRS (International Financial Reporting Standards).

Which of the Following Statements Concerning Financial Statement Presentation Is