A private company that is closely held and internally financed is most likely to report under ________.
A)IFRS
B)ASPE
C)NFP
D)PSAB recommendations

Question

Quizplus · Accepted Answer

ASPE (Accounting Standards for Private Enterprises) is a set of principles-based accounting standards designed specifically for private companies in Canada. It is commonly used by closely held and internally financed private companies. IFRS (International Financial Reporting Standards) are typically used by publicly traded companies, while NFP (Not-for-profit) and PSAB (Public Sector Accounting Board) are relevant for specific types of organizations.

A Private Company That Is Closely Held and Internally Financed