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.

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.

Solutions

Expert Solution

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

Junaid answered 9 months ago

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