Which of the following statements pertaining to private enterprises (PEs) is INCORRECT? Multiple Cholce PEs may adopt either ASPE or IFRS but once a set of standards is adopted, the PEs are not permitted to apply some standards from ASPE and others from IFRS. The accounting standards for a PE are included in a separate port of the CPA Canada Handbook. PEs with annual revenues over $10,000,000, are required to report under IFRS: A PE is a proft-oriented enterprise that has none of its issued and outstanding financial instruments traded in a public morket and does not hold assets in a fiduciary capocity for a broad group of outsiders as one of its primary businesses