Accounting Standards for Private Enterprises (ASPE) Update 2013

March 04, 2014

Most private enterprises have by now issued their second set of financial statements prepared in accordance with Part II of the CPA Canada Handbook – Accounting: Accounting Standards for Private Enterprises (ASPE). During 2013, a number of changes were made to ASPE. Many of these changes are a result of the Accounting Standards Board’s (AcSB’s) third Annual Improvements Process. The purpose of the Annual Improvements Process is to clarify guidance or wording in the standards, and to correct for unintended consequences, conflicts or oversights in the standards. Any amendments resulting from the Annual Improvements Process will apply to all entities adopting and currently following ASPE.

Two major improvements were also made to ASPE during the year: new Section 3462, Employee Future Benefits was issued, and an amendment was made to Section 3475, Disposal of Long-lived Assets and Discontinued Operations. These improvements are discussed later in this publication.

In addition to a summary of the 2013 Annual Improvements and other major improvements to ASPE, this publication concludes with a discussion on projects currently in progress.

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