7.8 IFRS/ASPE Key Differences
| IFRS | ASPE |
|---|---|
| Biological assets that produce a harvestable product are accounted for under the provisions of IAS 41 | No specific standard exists for biological assets or agricultural produce. |
| Disclosures regarding categories of inventories and accounting policies are required. As well, further disclosures regarding qualitative reasons for write-downs are required. | Disclosures regarding categories of inventories and accounting policies used are required. |
