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Where can a difference arise between ASPE and IFRS?

User Relm
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1 Answer

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Final answer:

ASPE and IFRS have differences in fair value measurement and treatment of goodwill.

Step-by-step explanation:

ASPE (Accounting Standards for Private Enterprises) and IFRS (International Financial Reporting Standards) are two sets of accounting standards used by different types of entities. While there are many similarities between ASPE and IFRS, there are also some key differences where a discrepancy can arise.

One major difference is the approach to fair value measurement. ASPE allows for different valuation techniques while IFRS has more specific guidance on determining fair value.

Another difference is the treatment of goodwill. Under ASPE, goodwill is amortized over a certain period, whereas under IFRS, it is tested for impairment.

User Antonio Mano
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