What is an ASPE difference in accounting for assets held for sale compared to IFRS?

The difference between ASPE (Accounting Standards for Private Enterprises) and IFRS (International Financial Reporting Standards) regarding accounting for assets held for sale primarily lies in the application of the held-for-sale (HFS) criteria. Under IFRS, specific criteria outlined in IFRS 5 must be met for an asset to be classified as held for sale, which includes being available for immediate sale in its current condition and its sale must be highly probable.

In contrast, ASPE does not have an equivalent standard that specifically addresses the classification of assets held for sale. This means that the HFS criteria do not apply within the ASPE framework, leading to different treatment of such assets compared to IFRS. Consequently, when assets are intended to be sold rather than used, ASPE permits a different approach to recognizing and measuring these assets without enforcing the strict criteria required by IFRS.

The other choices address different aspects of the accounting framework itself rather than the core distinction between the treatment of assets held for sale under ASPE compared to IFRS. For instance, while ASPE has different rules on current asset recognition and optional disclosures, the critical aspect here revolves around the absence of the HFS criteria in ASPE. Therefore, the assertion that HFS criteria do not