Under ASPE, current liabilities are the first category reported in the liability section of the Balance Sheet.

Question

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Under Accounting Standards for Private Enterprises (ASPE) in Canada, the balance sheet typically presents current liabilities as the first category in the liabilities section, followed by long-term liabilities. This is consistent with the general presentation format where assets and liabilities are classified as either current or non-current.

Under ASPE, Current Liabilities Are the First Category Reported in the Liability