ASPE requires less information on the financial statements of private companies than IFRS requires because
A) private companies are smaller than public companies.
B) users of private company financial statements have the ability to obtain additional information from the company if required.
C) public companies have their information available on the internet.
D) public companies may report in different foreign currencies.

Question

Quizplus · Accepted Answer

ASPE (Accounting Standards for Private Enterprises) is designed with the understanding that users of private company financial statements often have closer relationships to the company and can directly request additional information if needed, unlike the broader public and investors of public companies who rely on IFRS (International Financial Reporting Standards) disclosures.

ASPE Requires Less Information on the Financial Statements of Private