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