Conceptual Framework Of Accounting
What is the conceptual framework of accounting?
Basic document that sets objectives and the concepts for general purpose financial reporting.
What does IFRS stand for?
International financial reporting standards
What does ASPE stand for?
Accounting Standards for Private Enterprises.
Private company would fall under
ASPE
How old is Mrs.Westgate?
25
When was the newest framework of accounting published?
It was published in 2018.
What is the point of IFRS?
IFRS was created so that financial statements can be consistent, transparent, and comparable around the world.
What is ASPE?
ASPE is the accounting principles for small and medium-sized enterprises in Canada that publish financial statements for general-purpose use.
Canadian SMEs would fall under.
Both. Can either be IFRS or ASPE
Are Mrs.Westgates tests hard?
Very.
What is the 7th chapter of conceptual framework for financial reporting?
Presentation and disclosure.
What does IFRS Benefit?
It benefits the economy by increasing the growth of its international business.
What organizations are allowed to use ASPE?
What does the U.S use?
None, they use GAAP
Whos is Mrs. Westgates favourite student.
No one, she doesn't like any of us because we complain that her tests are too hard.