Question

What are the 4 basic F|S under IFRS and ASPE?

Answer 1

The 4 basic financial statements under IFRS and ASPE are the income statement, balance sheet, statement of cash flows, and statement of changes in equity.

Step-by-step explanation:

The 4 basic financial statements under both IFRS (International Financial Reporting Standards) and ASPE (Accounting Standards for Private Enterprises) include:

1. Income Statement: The income statement shows a company's revenue, expenses, and net income over a specific period of time.
2. Balance Sheet: The balance sheet provides a snapshot of a company's assets, liabilities, and owner's equity at a specific point in time.
3. Statement of Cash Flows: This statement shows the company's cash inflows and outflows from operating, investing, and financing activities during a specific period of time.
4. Statement of Changes in Equity: Also known as the statement of shareholders' equity, it explains changes in the owner's equity during a specific period of time, including contributions, distributions, and net income.