Skip to main content

Accounting Standards for Private Enterprises

Detailed Review of Accounting Standards for Private Enterprises

Summary

As part of the AcSB’s 2022-2027 Strategic Plan, the Board 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. The AcSB issued Consultation Paper I – Exploring Scalability in Canada in March 2023 to gather broad input on key issues and potential solutions related to scaling the standards.

During outreach, the AcSB consistently heard that several standards in Part II of the CPA Canada Handbook – Accounting 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 Accounting Standards for Private Enterprises (ASPE) to identify the requirements that are most complex to apply and propose practical solutions. This project 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 with each standard.

Staff Contact(s)

Jamie Goodman, CPA, CA Principal, Accounting Standards Board

Matthew Bishop, CPA, CA Principal, Accounting Standards Board

Project Status

  • Information gathering

    Research completed prior to January 2024

  • Approving project

    The AcSB approved the project in January 2024

    The AcSB expects to issue a consultation paper in early 2025

  • Engaging Communities
  • Deliberating feedback
  • Final pronouncement

On-demand Webinar – Domestic Accounting Standards Update (Fall 2024)

Watch our recorded webinar to learn about current projects and recent amendments in Parts II, III, and IV of the CPA Canada Handbook – Accounting.

This webinar aired live in November 2024 and is now available on-demand.

Meeting & event summaries


December 3, 2024

Private Enterprise Advisory Committee Notes – November 13, 2024

The Private Enterprise Advisory Committee continued the discussion from its July 2024 meeting regarding application issues in Section 3856Financial Instruments, that might be addressed through this project. The Committee also discussed application issues for the second batch of selected ASPE standards that included Section 3063Impairment of Long-lived Assets, and Section 3065Leases. The AcSB will discuss this feedback at its December 2024 meeting and will seek feedback on additional application issues from its Private Enterprise Advisory Committee and Medium and Small Practitioners Advisory Committee at the meetings in Q1 2025.

October 21, 2024

Not-for-Profit Advisory Committee Meeting Notes – October 21-22, 2024

The Not-for-Profit Advisory Committee discussed application issues for not-for-profit entities applying the requirements in Section 3063 Impairment of Long-lived Assets, Section 3065, Leases, Section 3400, Revenue, Section 3462, Employee Future Benefits, and Section 3840, Related Party Transactions, that might be addressed through the AcSB’s Detailed Review of ASPE project. The AcSB intends to use this feedback to help draft a consultation paper. The Board will discuss the Committee’s feedback at its December 2024 meeting.