Which ASPE and IFRS Standards Are the Same?

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As you’re preparing for CPA Canada PEP and CFE exams, you may be wondering about variances between Accounting Standards for Private Enterprises (ASPE) and International Financial Reporting Standards (IFRS). This post will summarize financial reporting standards that have similarities.

ASPE vs IFRS: Converged

The following standards are converged (exactly the same):

  • Inventories IAS 2 / ASPE 3031

ASPE vs IFRS: Minor differences

The following standards have minor differences:

  • Intangible assets: IAS 38 / ASPE 3064
  • PPE: IAS 16 / ASPE 3061
  • Business combination: IFRS 3, 10 / ASPE 1582, 1591

Others

All other standards have major differences and should be studied separately. The above can be grouped and studied together since they are similar.

Extra resources

Easy to read summaries of ASPE and IFRS standards are available here.