The Accounting Standards Board (AcSB) has adopted an annual process to make minor improvements to accounting standards for private enterprises (ASPE) in Part II of the Handbook as they are identified.
The annual improvements process:
- clarifies guidance or wording in the standards; or
- corrects relatively minor unintended consequences, conflicts or oversights.
Major improvements to the standards, such as the issuance of a new standard, are not included in the annual improvements process. Annual improvements to Part II may also apply to not-for-profit organizations that use Part III.