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ASPE-IFRS differences.docx

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Athabasca University
acct 453

INTRODUCTION Financial Accounting comprises most of the Performance Measurement CompetencyThis competency is a very critical one for two reasons1It makes up 20 to 30 of the UFE and2Students are required to get sufficient depth in this competency ie competent in order to achieve level 2 of the passing profile and pass the UFEThe challenge that many students face is the tremendous amount of technical knowledge included in this competency particularly for the 2012 UFE in light of the fact that students are responsible for both IFRS and Accounting Standards for Private Enterprises ASPEThe technical review notes cover the major financial accounting topics that tend to come up on the UFEThe notes recognize that few human beings are capable of knowing every detail of every accounting standard and that fortunately this is not necessary in order to pass the UFEThe summaries of the various topics are therefore condensed and do not endeavor to cover every last detail of a given topicRather they focus on the key aspects of each topic that have the greatest probability of being examined based on past UFEsThe notes assume that the student already has a reasonable knowledge of each of the topics and is looking for a quick way to review financial accountingScope of PublicationThe publication does not cover 100 of the topics in the CICA HandbookIt however covers all major topics commonly tested on the UFE as students can easily review the minor topics on their own by reviewing the relevant standards in the CICA HandbookThe publication also does not cover more complex areas that are rarely tested on the UFE and that virtually never come up as a major issue on a simulationIf students are interested in these topics they can access technical notes on the PASS website passsufeca by logging into the website using the password 1111A listing of topics that are not summarized in the notes is included in the appendix at the end of the notesProfessional Accounting Supplementary School PASS Inc1
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