Accounting standards for private enterprises (ASPE) update 2021
It was a busy year for the Accounting Standards Board (AcSB or the Board) and for Part II of the CPA Canada Handbook—Accounting: Accounting Standards for Private Enterprises (ASPE). Like many organizations, the Board has been hard at work dealing with the ever-evolving situation of the COVID-19 pandemic. The Board has continued to adapt and make quick decisions to address stakeholder needs while also pursuing various projects, including cloud computing and related party transactions.
In addition, several amended standards became effective in 2021, including the amendments to Section 3856 around retractable or mandatorily redeemable shares and related party financial instruments.
discusses the Section 3856 changes
highlights the accounting impact of COVID-19
outlines other amendments and standards effective over the next few years
reviews current projects that will affect private sector entities.