In: Accounting
Identify each of the following statements as true or false.
1. ASPE and IFRS both require comprehensive income.
2. Held-for-sale assets are classified as current assets in ASPE and noncurrent assets in IFRS.
3. Both ASPE and IFRS may have non-controlling interest.
4. Private companies are required to provide EPS calculations.
5. Both ASPE and IFRS require a subtotal for net income or loss before discontinued operations.
1. F – ASPE does not have OCI or comprehensive income
2. F – in ASPE they may be current or non-current while in IFRS must be current asset
3. T - Both ASPE and IFRS may have non-controlling interest.
4. F – Public companies are only required to have EPS.
5. T - Both ASPE and IFRS require a subtotal for net income or loss before discontinued operations.
1. F
2. F
3. T
4. F
5. T