With respect to the application of retrospective accounting changes, both IFRS and ASPE require that an opening balance sheet be provided for the start of the earliest period affected by the changes.

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Under IFRS, retrospective application of accounting changes does require restating comparative information as if the new accounting policy had always been applied, which may involve presenting an opening statement of financial position at the earliest comparative period. However, Accounting Standards for Private Enterprises (ASPE) in Canada allows for certain exemptions where an opening balance sheet may not be required for retrospective application, depending on the nature of the change.

With Respect to the Application of Retrospective Accounting Changes, Both