This course examines the similarities and major differences between Part I - International Financial Reporting Standards (IFRS), Part II - Accounting Standards for Private Enterprises (ASPE) and Part III - Accounting Standards for Not-For-Profit Organizations. It will highlight major similarities and significant differences between the three sets of standards.

Participants will learn about the major differences between Accounting Standards for Private Enterprises (ASPE) and publicly accountable enterprises using International Financial Reporting Standards (IFRS) with an eye toward giving participants the ability to identify the major similarities and significant differences between the three sets of standards and how these differences impact financial statements. This will allow you to determine the appropriate standard for an entity and to explain the differences to interested parties e.g. Board members.

Topics Include:

• Overview and definition of what is GAAP
• Identification of which entities use IFRS vs ASPE vs ASNFPO
• Similarities for IFRS, ASPE and ASNFPO
• Significant differences for IFRS, ASPE and ASNFPO
• Impact of changes in IFRS on ASPE and ASNFPO

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By the end of this course, participants will be able to:

• Identify what is GAAP and which entities use IFRS vs ASPE vs ASNFPO.
• Identify the similarities and significant differences between IFRS, ASPE and ASNFPO.
• Review the impact of the differences on the company's financial statements and ratios.
• Identify how changes to IFRS will impact ASPE and ASNFPO.
• List relevant resources (with links).