IFRS+&+ASPE+Assignments

For this assignment, you will review the two supplements linked to this page and then answer the questions that follow in complete sentences and in your own words.

You will create your report using a **Google Doc** on your **Google Drive** account with Academic Workspace (**aw.tdsb.on.ca**). Your username and password to log into AW from home are the same as your school logins. When you are finished preparing your report, you will **share** your assignment by inviting me (using my TDSB email account) to **edit** your assignment before hitting the **Send** button. You do __not__ have to notify me by email though.

**__ Questions for IFRS & ASPE "Foundations" __** **__ High School Accounting Supplement __**

1. Briefly describe the five financial reporting frameworks currently employed by Canadian organizations. 2. Who are the most common internal and external users of financial statements? 3. Briefly describe the evolution from GAAP to IFRS in this country. 4. What are the major differences between IFRS and ASPE and why do these differences exist? 5. What is the general objective of financial reporting under IFRS? 6. Define the __three__ fundamental qualitative characteristics and __four__ enhancing qualitative characteristics of financial reporting under IFRS and provide examples of each. 7. What is Cost Constraint (or Cost vs Benefit Constraint) and how does it inform financial reporting under IFRS? 8. Briefly describe ASPE in Canada and the general objective of financial reporting under ASPE. 9. Define the __four__ main qualitative characteristics of financial reporting under ASPE (including sub-characteristics) and provide examples of each. 10. What is Cost Constraint (or Cost vs Benefit Constraint) and how does it inform financial reporting under ASPE? .

__**Questions for IFRS & ASPE "Summaries" **__ __**High School Accounting Supplement **__

1. Who are the most common internal and external users of financial statements? 2. Briefly describe the evolution in Canada from GAAP to IFRS. 3. Briefly describe the five financial reporting frameworks currently employed by Canadian organizations. 4. What are the primary differences between IFRS and ASPE? <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">5. What are some of the main advantages and disadvantages of IFRS and ASPE? * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">6. Briefly explain how the following __specific__ financial statement accounts and issues are treated under both IFRS and ASPE: *

<span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">(a) Inventory <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">(b) Investments and Subsidiaries <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">(c) Property, Plant & Equipment <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">(d) Revenue <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">(e) Income Taxes <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">(f) Disclosures

__**<span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Evaluation will be based upon the following criteria: **__ <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">.
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Research factors - quality and completeness of ****<span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">responses ****<span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;"> (think) ............5 6 7 8 9 10 **


 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Language factors - quality of grammar & vocabulary (comm) .....................5 6 7 8 9 10 **

<span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Note: For a comprehensive listing of each individual IFRS and IAS in numerical order, click here