Private corporations are different than public corporations. Which statement is NOT true:

Question $4$ options:

Private corporations do not have to disclose accounting statements to the public. Public corporations do$.$

Private corporations' shares are not publicly traded on stock exchanges. Public shares are traded.

Private corporations can use ASPE. Public corporations must use IFRS standards.

Private corporations never have to prepare financial statements or keep records if the owners choose, but public corporations must.