which of the following financial statements are required for companies adhering to IFRS but not ASPE...

which of the following financial statements are required for companies adhering to IFRS but not ASPE (private entity GAAP)?

a. Statement of Cash Flows

b. Statement of Retained Earnings

c. Statement of Comprehensive income

d. Statement of Financial position

Expert Solution

Companies following IFRS (public or private companies) must provide the following financial reports:

1.Statement of Financial Position (Balance Sheet - just like ASPE)

2.Statement of Comprehensive Income (Net Income + Other Comprehensive Income (OCI)

3.Statement of Cash Flows (Cash Flow Statement - just like ASPE)

4.Statement of Changes in Equity (Reconciliation of beginning and ending balances for all shareholder equity amounts - not just Retained Earnings)

5. Notes to the financial statements.

Companies following ASPE in Canada (Private companies only) must provide the following financial reports:

1.Statement of Financial Position (Balance Sheet)
2. Income Statement
3. Statement of Cash Flows (Cash Flow Statement)
4. Statement of Retained earnings

Accordingly, answer would be Option a, c and d. Stt. of Retained Earnings are requried by ASPE but not IFRS. Except this all are required by both. Hope the explanation helps, please mark the answer as helpful for other students to acknowlege as well. Thanks

ekkarill92 answered 1 year ago

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