Private Companies in Canada May Follow Either IFRS or Accounting

question 19

Essay

Private companies in Canada may follow either IFRS or accounting standards for private companies.
Required:
Why did Canada adopt accounting standards for private companies? What is different about private companies and public companies that require a different set of accounting standards? How did the AcSB design these private company accounting standards and why did it choose this option?

---

Definitions:

Client-centered Therapy

A psychotherapeutic approach developed by Carl Rogers focusing on providing a supportive environment where clients can explore their feelings without judgment.

Unconscious Conflicts

Internal struggles stemming from repressed desires or experiences that manifest through behavior, emotions, and thoughts unconsciously.

Adaptive Ways

are methods or strategies that individuals employ to adjust to new conditions or environments effectively, promoting survival and wellbeing.

Parenting Role

The responsibilities and actions that an individual takes on to raise, guide, and nurture a child.