Indicate whether the use of IFRS or ASPE is required or more likely for the following entities:

Expert Solution

1.

Private bank - IFRS required since publicly accountable enterprise

2.

Private company many shareholders – ASPE since less costly unless shareholders request IFRS

3.

Private company major competitor public company – IFRS more likely since would be more comparable to their competitor

4.

Government business enterprise - IFRS required since publicly accountable enterprise

5.

Private company intends to go public – IFRS more likely since will be required when go public

Junaid answered 1 year ago

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