Checklist
ASPE or IFRS: which should your Canadian company use?
Private Canadian companies can usually choose ASPE, while publicly accountable enterprises use IFRS. This checklist helps you decide which basis your books should be prepared on.
ASPE or IFRS: which should your Canadian company use?
Private Canadian companies can usually choose ASPE, while publicly accountable enterprises use IFRS. This checklist helps you decide which basis your books should be prepared on.
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- Is your company publicly accountable, or planning to become publicly accountable?
- Is your company owned by a parent that reports under IFRS?
- Do lenders or investors specify ASPE or IFRS in your loan or investment agreements?
- Are you planning a sale or financing round that would need IFRS-basis figures?
- Has your accountant recommended a change of reporting framework?
- Do you hold financial instruments measured differently under ASPE than under IFRS?
- Does your company use the taxes-payable or future-income-taxes method, and does that match what a lender expects?
- Would consolidating with an IFRS-reporting parent change how your own statements need to be prepared?
- Are your revenue recognition policies documented in a way that supports either framework if asked?
- Has a lender, investor, or potential acquirer ever asked which framework your statements follow?
Next step
Talk to the team that would run your books
A short call covers your setup, your software and what a first month would look like. You get a written scope and price after it.