[Verse 1]
When ASPE meets financial tools
We follow simpler, clearer rules
No complex categories like IFRS nine
Just straightforward paths by design
Basic instruments get basic treatment
Fair value's not the main agreement
[Chorus]
Simple classification, easy recognition
ASPE keeps it clear with less precision
Cost or fair value, make your decision
Based on purpose and the instrument's mission
Remember ASPE - Always Simple, Practically Efficient
[Verse 2]
Loans and receivables at amortized cost
Historical method, nothing gets lost
Available for sale at fair value through
Other comprehensive income too
Held for trading goes to net income
Fair value changes, let the gains come
[Chorus]
Simple classification, easy recognition
ASPE keeps it clear with less precision
Cost or fair value, make your decision
Based on purpose and the instrument's mission
Remember ASPE - Always Simple, Practically Efficient
[Bridge]
No expected credit loss model here
Incurred loss method keeps it clear
When impairment happens, then we act
Not before - that's the contract fact
Derivatives marked to market price
Fair value accounting, roll the dice
[Verse 3]
Equity investments have a choice to make
Fair value or cost, decision you'll take
If quoted price exists in active market
Fair value's the way, hit the target
Private companies love this flexibility
Matching resources with capability
[Chorus]
Simple classification, easy recognition
ASPE keeps it clear with less precision
Cost or fair value, make your decision
Based on purpose and the instrument's mission
Remember ASPE - Always Simple, Practically Efficient
[Outro]
From loans to bonds to equity shares
ASPE simplifies, nobody cares
About complex buckets, just the basics
Financial reporting that's fantastic
Keep it simple, keep it true
ASPE's the framework just for you