Companies incorporated under provincial legislation report under ASPE and companies incorporated under federal legislation report under IFRS.

Question

Quizplus · Accepted Answer

The choice between reporting under Accounting Standards for Private Enterprises (ASPE) or International Financial Reporting Standards (IFRS) is not determined by whether a company is incorporated under provincial or federal legislation. Instead, the choice depends on the company's reporting requirements, such as whether it is publicly accountable or chooses to adopt a particular standard for its financial reporting.

Companies Incorporated Under Provincial Legislation Report Under ASPE and Companies