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Part II - ASPE

AcSB issues three resource documents to assist ASPE preparers with possible accounting issues as a result of COVID-19

May 19, 2020

On May 19, 2020, the Accounting Standards Board (AcSB) released three COVID-19 resource documents to assist preparers in preparing financial statements in accordance with Part II of the CPA Canada Handbook – Accounting.

Handbook Update – Section 4250, Future Oriented Financial Information to be retained

Mar 10, 2020

On March 10, 2020, the Accounting Standards Board (AcSB) announced that part of the non-authoritative guidance that was removed from Part V on March 1, 2020 was Section 4250, Future Oriented Financial Information. This guidance continues to be relevant to private enterprise financial statement preparers and practitioners, so it will be retained in the Handbook.

Review the update on the AcSB's website.

Withdrawal of Part V from the CPA Canada Handbook – Accounting

Jan 21, 2020

On January 21, 2020, the Accounting Standards Board (AcSB) announced that as of March 1, 2020, Part V, also known as pre-changeover accounting standards, will be removed from the Handbook.

Review the press release for additional information and to find out what this means for stakeholders and preparers on the AcSB's website.

Basis for Conclusions – Revenue, Section 3400

Dec 11, 2019

On December 11, 2019, the Accounting Standards Board (AcSB) released this document which sets out how the AcSB reached its conclusions on the Revenue project, and discussions on significant matters arising from comments received and issues raised in response to its Exposure Draft.

The Basis for Conclusions includes the following:

  • Applicability to not-for-profit organizations
  • Effects analysis
  • Development of the amendments
  • Identifying units of account
  • Multiple-element arrangements
  • Percentage of completion method
  • Upfront non-refundable fees/payments
  • Bill and hold arrangements
  • Reporting revenue gross or net
  • Disclosure
  • Transition
  • Consequential amendments
  • First-time adoption, section 1500, and first-time adoption by Not-for-profit organizations, section 1501 in part iii

The amendments are effective date for fiscal years beginning on or after January 1, 2021.

Review the Basis for Conclusions on the AcSB's website.

Basis for Conclusions – Agriculture, Section 3041

Nov 01, 2019

On November 1, 2019, the Accounting Standards Board (AcSB) released this document which sets out how the AcSB reached its conclusions on the Agriculture project, and discussions on significant matters arising from comments received and issues raised in response to its Exposure Draft.

The Basis for Conclusions covers:

  • Background
  • Applicability to not-for-profit organizations
  • Effects analysis
  • Development of the standard
  • Scope
  • Recognition
  • Underlying measurement basis
  • Measurement of agricultural inventories
  • Measurement of productive biological assets
  • Classification and presentation
  • Disclosure
  • Transition
  • Effective date
  • Consequential amendments

The standard is effective for fiscal years beginning on or after January 1, 2021.

Review the Basis for Conclusions on the AcSB's website.

AcSB Exposure Draft – Employee Future Benefits – Use of a Funding Valuation

Sep 16, 2019

On September 16, 2019, the Accounting Standards Board (AcSB) issued an Exposure Draft proposing amendments to Section 3462, Employee Future Benefits. Comments are requested by December 16, 2019.

The AcSB seeks feedback on its proposals to modify the guidance on using an actuarial valuation for funding purposes in the measurement of the defined benefit obligation. These proposals apply to private enterprises and not-for-profit organizations applying the standards in Parts II and III.

Review the press release and Exposure Draft on the AcSB's website.

AcSB In Brief: A plain and simple overview of the AcSB’s decision to not undertake a project on hedge accounting for private enterprises and not-for-profit organizations

Jun 20, 2019

On June 20, 2019, the Ac­count­ing Stan­dards Board (AcSB) is­sued an In Brief doc­u­ment that pro­vides a plain and sim­ple overview of its decision to not undertake a project on hedge accounting for private enterprises and not-for-profit organizations

For fur­ther de­tails, re­fer to the In Brief doc­u­ment on the AcSB’s web­site.

AcSB In Brief: A plain and simple overview of the AcSB’s Exposure Draft, Revenue

Jun 17, 2019

On June 17, 2019, the Ac­count­ing Stan­dards Board (AcSB) is­sued an In Brief document that provides a plain and simple overview of its Part II Accounting/ASPE Ex­po­sure Draft, Revenue. Stake­hold­ers are en­cour­aged to sub­mit their com­ments on the Exposure Draft by July 31, 2019.

For fur­ther de­tails, re­fer to the In Brief document on the AcSB’s web­site.

CPA Canada Publication – Introduction to accounting for cryptocurrencies under ASPE

Jun 10, 2019

On June 10, 2019, CPA Canada is­sued a publication entitled “Introduction to accounting for cryptocurrencies under accounting standards for private enterprises (ASPE)”. The publication includes: a brief overview explaining what cryptocurrencies are; a discussion of possible approaches to accounting for cryptocurrencies under existing ASPE; and a brief summary of the tax implications of transactions involving cryptocurrencies.

Read the publication on the CPA Canada web­site.

Basis for Conclusions – Amendments to Section 3051, Investments

May 31, 2019

On May 31, 2019, the Ac­count­ing Stan­dards Board (AcSB) re­leased this doc­u­ment which sets out how the AcSB reached its con­clu­sions on its project to amend Section 3051, and its dis­cus­sions on sig­nif­i­cant mat­ters aris­ing from com­ments re­ceived and is­sues raised in re­sponse to its Ex­po­sure Draft.

Stakeholders informed the AcSB that the scope of paragraph 3051.07A is unclear. Specifically, stakeholders observed that it was not clear whether this paragraph, which relates to the application of the cost method, also applies to interests in jointly controlled enterprises accounted for using that method. Consequently, the Board decided to amend Section 3051 to clarify that paragraph 3051.07A also applies to investments in jointly controlled enterprises (JCEs) accounted for using the cost method.

The amendment is applicable for annual financial statements relating to fiscal years beginning on or after January 1, 2020, with earlier application permitted.

Download the Basis for Conclusions on the AcSB's website.

Correction list for hyphenation

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