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 CICA Handbook – Accounting.

Private enterprises are required to adopt either accounting standards for private enterprises in Part II of the Handbook or International Financial Reporting Standards in Part I as Canadian GAAP for fiscal years beginning on or after January 1, 2011.

 

Pronouncement

 

Application

Effective for annual periods beginning on or after January 1, 2014:

Section 3462, Employee Future Benefits In accordance with specific requirements in Section 3462 
Amendments to Section 3475, Disposal of Long-lived Assets and Discontinued Operations
    		 In accordance with specific requirements in Section 3475

Effective for annual periods beginning on or after January 1, 2013:

2012 Improvements to:

  • Section 1400, General Standards of Financial Statement Presentation
  • Section 1520, Income Statement
  • Section 1582, Business Combinations
  • Section 1590, Subsidiaries
  • Section 1651, Foreign Currency Translation
  • Section 3051, Investments
  • Section 3064, Goodwill and Intangible Assets
  • Section 3465, Income Taxes
  • Section 3856, Financial Instruments
 Retrospective

Effective for annual periods beginning on or after January 1, 2011:

 Amendments to Section 1500, First-time Adoption re:

  • goodwill at transition
  • cumulative translation differences at transition 
  • unrecognized employee future benefit amounts at transition
  Retrospective

2011 Improvements to:

  • Section 1400, General Standards of Financial Statement Presentation
  • Section 1521, Balance Sheet
  • Section 3064, Goodwill and Intangible Assets
  • Section 3820, Subsequent Events
  • Section 3856, Financial Instruments
  Retrospective