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A) In Canada, there are many types of business and non-business organizations and four different reporting standards that might be applicable. Required: What types of

A) In Canada, there are many types of business and non-business organizations and four different reporting standards that might be applicable.

Required:

What types of organizations are required to follow IFRS? What types of organizations may follow IFRS if they choose to do so, and how is this choice made?

(B) In Canada, we have business and non-business organizations.

Required:

Explain the difference between these two types of organizations. Why should they be allowed to follow different accounting policies?

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