The accounting standards for private enterprises (ASPE) are essentially a scaled-down version of the CICA handbook,which is available to all small and medium sized enterprises with no fiduciary responsibility.

Question

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The statement is correct. ASPE is a simplified version of the CICA handbook and is suitable for small and medium-sized enterprises without fiduciary responsibility.

The Accounting Standards for Private Enterprises (ASPE) Are Essentially a Scaled-Down