GAAP in Canada

Adoption:

Private Enterprises: Canadian private enterprises have the option to use either Canadian Accounting Standards for Private Enterprises (ASPE) or IFRS. ASPE is a set of standards issued by the Accounting Standards Board of Canada (AcSB) specifically tailored to the needs of private enterprises.Not-for-Profit Organizations: Not-for-profit organizations in Canada typically use Canadian Accounting Standards for Not-for-Profit Organizations (ASNPO), which are based on ASPE but include additional guidance relevant to the sector.Pension Plans: Pension plans in Canada follow specific standards outlined in Canadian GAAP for pension plans.

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