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Accounting Standards for Private Enterprises

Detailed Review of Accounting Standards for Private Enterprises

Summary

The AcSB’s objective for the Detailed Review of Accounting Standards for Private Enterprises (ASPE) project is to simplify the application of ASPE while maintaining the decision-usefulness of the financial statements for entities of all sizes and complexities.

Staff Contact(s)

Katharine Christopoulos, CPA, CA Director, Accounting Standards Board

Phone number  +1 416 204 3270
Email address  [email protected]

Background

As part of its 2022-2027 Strategic Plan, the AcSB is committed to exploring scaling the standards for non-listed entities to better meet the different reporting needs of the wide variety of entities that apply domestic accounting standards in Canada.

In March 2023, the Board issued the Consultation Paper I, “Exploring Scalability in Canada,” to gather broad input on key issues and potential solutions related to scaling the standards.

During its outreach, the AcSB consistently heard that several standards in Part II of the CPA Canada Handbook – Accounting Standards for Private Enterprise (ASPE) are either complex to apply or result in information that is not useful to financial statement users.

Based on this feedback, the AcSB decided to conduct a detailed review of ASPE to identify the most complex requirements and propose practical solutions. The Board aims to increase the understandability and accessibility of the standards for all entities, but it does not intend or expect to address or fix every issue.