You, a CPA, are assisting your firm's co-op student in learning about related party transactions (RPTs). You decide to compare how ASPE and IFRS account for RPTs.

Which of the statements below is true?

Question 18 options:

a)

IFRS and ASPE standards are completely converged in terms of RPTs; there are no differences.

b)

IFRS requires RPTs to be reported at the exchange amount of the transaction while ASPE requires RPTs to be reported at the carrying amount.

c)

IFRS does not provide guidance on measurement of RPTs, but ASPE does.

d)

IFRS does not provide guidance on disclosure of RPTs but ASPE does.