Clairfy SPE and VIE and QSPE

GAAP: VIE is an SPE which either has 1) equity-at-risk insufficient to finance the entity’s activities without outside support or 2) Equity holders of the entity lack decision making rights or the obligation to absorb losses or the right to receive returns. A VIE must be consolidated by the primary beneficiary. An SPE that isn’t a VIE does not get consolidated SPE could be a QSPE if all three of the following are present: 1) independence and legal separation from sponsoring company, 2) have complete control over its assets, and 3) hold only financial assets. A QSPE does NOT get consolidated by the primary beneficiary QSPE no longer exists under GAAP. IFRS: Sponsoring entity must consolidate SPE if it has control. An entity has control if one of the following is true: 1) It benefits from the SPEs activities, 2) Has decision making rights to receive benefits from the SPE, 3) Absorbs the risks and rewards of the SPE. 4) Has a residual interest in the SPE If a sponsoring entity does not have control of the SPE, under IFRS, it does not have to consolidate it. QSPE and VIE do not exist under IFRS. Is this correct? Is it not? I’ll edit and update this post to reflect what the consensus is in this thread.

sounds correct