ASPE - IFRS: A Comparison Series

March 31, 2022 BDO CANADA

Are you concerned about potential differences between Accounting Standards for Private Enterprises (ASPE) and International Financial Reporting Standards (IFRS) for your organization? With the increasing complexity of IFRS, the number of differences that may arise for entities are increasing each year.

This series outlines the extent of differences on a standard-by-standard basis, identifying specific areas where entities may encounter measurement, classification and presentation differences between their current financial reporting under ASPE as compared to IFRS, both currently effective and effective in the future.

If you require further guidance on differences between ASPE or IFRS please contact your local BDO Canada LLP office. BDO offers a full range of services relating to GAAP conversions. If you are considering the adoption of a new standard, learn how our BDO Accounting Advisory Services Team can help you with the transition.

A summary of differences by standard and a level of difference rating is outlined below.

Click on the article icons below to access the publication.

ASPE-IFRS differential rating scale

Converged Minor Differences Major Differences Significant Differences

Significant Differences

Major Differences

Minor Differences



This series is useful for organizations considering adopting IFRS, or for entities that are assessing potential differences because they are:

  • Considering an initial public offering, which would require adoption of IFRS;
  • Exploring a buyout from potential investors who are unfamiliar with ASPE or who will require adoption of IFRS prior to acquisition;
  • Reporting to a parent company that applies IFRS in their consolidated financial statements; or
  • Entering foreign markets or raising capital with institutions that require IFRS-compliant financial statements.

These publications will be particularly useful to the following individuals:

  • Controllers who prepare financial statements under ASPE;
  • Investors in the Canadian market who are experienced in IFRS, but unfamiliar with the local differences in Canada; or
  • Board members looking to increase their financial literacy relating to IFRS to better serve their boards and committees.
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