Accounting Standards for Private Enterprises

Effective Dates for New Standards Private Enterprises

This summary of recently issued pronouncements has been prepared for information purposes only. Consequential amendments to existing standards resulting from the issuance of new standards and less significant changes to existing standards are not included below. For more details, see the CPA Canada Handbook – Accounting.

Pronouncement

Application

Effective for annual periods beginning on or after January 2025:

Amendments to Section 3840, Related Party Transactions

In accordance with the specific requirements in Section 3840

Effective for annual periods beginning on or after January 2024:

AcG-20, Customer’s Accounting for Cloud Computing Arrangements

In accordance with the specific requirements in AcG-20

Effective for annual periods ending on or after February 2022:

Amendments to Section 3856, Financial Instruments, pertaining to the effects of IBOR Reform on Financial Reporting

In accordance with the specific requirements in Section 3856

Effective for annual periods beginning on or after January 2022:

2021 Annual Improvements to:

Section 1500, First-time Adoption
Section 1510, Current Assets and Current Liabilities
Section 1540, Cash Flow Statement
Section 3856, Financial Instruments

Retrospective

Section 3041, Agriculture

In accordance with the specific requirements in Section 3041

Amendments to Section 3400, Revenue

In accordance with specific requirements in Section 3400

Amendments to Section 3400, Revenue, pertaining to upfront non-refundable fees or payments deferred to January 2025

Retrospective

Amendments to Section 3462, Employee Future Benefits

In accordance with specific requirements in Section 3462

Effective for annual periods beginning on or after January 2021:

Retractable or Mandatorily Redeemable Shares Issued in a Tax Planning Arrangement

In accordance with paragraph 3856.63

Accounting for Related Party Financial Instruments and Significant Risk Disclosures

In accordance with paragraph 3856.67

Amendments to Section 3051, Investments

Prospective

Amendments to Section 3465, Income Taxes

Retrospective

Effective for annual periods ending on or after December 31, 2020:

Amendments to Section 3065, Leases

Retrospective

Effective for annual periods beginning on or after January 2018:

Amendments to Section 1591, Subsidiaries re:

Application of the cost method
Accounting for voting interests

Prospective, except as specified in paragraph 1591.39C

Amendments to Section 3051, Investments

Retrospective

2017 Annual Improvements to:

Section 1505, Disclosure of Accounting Policies
Section 1506, Accounting Changes
Section 1521, Balance Sheet
Section 1651, Foreign Currency Translation
Section 3065, Leases

Retrospective

Effective for annual periods beginning on or after January 2017:

Amendments to Sections 1591, Subsidiaries

Retrospective

Amendments to Section 3056, Interests and Joint Arrangements

Retrospective

Effective for annual periods beginning on or after January 1, 2016:

2015 Annual Improvements to:

Section 1582, Business Combinations
Section 3051, Investments
Section 3061, Property, Plant and Equipment
Section 3065, Leases
Section 3462, Employee Future Benefits

Retrospective

Section 1591, Subsidiaries

In accordance with specific requirements in Section 1591

Amendments to Section 3051, Investments

In accordance with specific requirements in Section 3051

Section 3056, Interests in Joint Arrangements

In accordance with specific requirements in Section 3056