ASPE CPD Study Questions AH Solved
1: What does ASPE stand for? - correct answer -
Accounting Standards for Private Enterprises.
2: What is the purpose of ASPE? - correct answer -
To provide a framework for financial reporting for private enterprises in Canada.
3: How often must private ...
2: What is the purpose of ASPE? - correct answer -
To provide a framework for financial reporting for private enterprises in
Canada.
3: How often must private enterprises update their financial statements
under ASPE? - correct answer -
Annually.
4: What is the difference between ASPE and IFRS? - correct answer -
ASPE is designed for private enterprises in Canada, while IFRS is used
globally by public companies.
5: Under ASPE, what is the primary objective of financial reporting? -
correct answer - To provide useful information to stakeholders for decision-
making.
6: Can private enterprises switch from ASPE to IFRS? - correct answer -
Yes, private enterprises can switch from ASPE to IFRS, but they must
consistently apply the chosen standards.
7: What is the ASPE section that deals with revenue recognition? - correct
answer - Section 3400.
, 8: How does ASPE define revenue? - correct answer -
Revenue is the inflow of economic benefits arising from ordinary activities.
9: What is the ASPE section that covers inventory? - correct answer - Section
3031.
10: How should inventory be measured according to ASPE? - correct answer -
Inventory should be measured at the lower of cost and net realizable value.
11: What is the ASPE section that deals with property, plant, and equipment?
- correct answer - Section 3061.
12: How does ASPE require property, plant, and equipment to be
depreciated? - correct answer -
Over their useful lives using a systematic and rational method.
13: What is the ASPE section that addresses intangible assets? - correct
answer - Section 3064.
14: How are intangible assets initially measured under ASPE? - correct
answer - At cost.
15: What is the ASPE section that deals with financial instruments? - correct
answer - Section 3856.
16: How are financial instruments classified under ASPE? - correct answer -
As either financial assets, financial liabilities, or equity instruments.
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