Effective 2011, Canada now has a two-tiered system for determining GAAP for private versus public companies. Private

Question:

Effective 2011, Canada now has a two-tiered system for determining for private versus public companies. Private companies will follow ASPE as prepared by the AcSB, and public companies will have to follow IFRS.
Private companies will be allowed to use IFRS if they choose.
Instructions
Discuss, noting the pros and cons of having this type of system versus a system where there is one set of for private and public entities. Consider in your response the differences between private and public entities, including the users and type of financial information each report. GAAP
Generally Accepted Accounting Principles (GAAP) is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC). While the SEC previously stated that it intends to move from U.S. GAAP to the International Financial Reporting Standards (IFRS), the...