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Part II — Accounting Standards for Private Enterprises (ASPE) | Deloitte CFR

ASPE

You can find more about each of the standards that form part of Part II - Accounting Standards for Private Enterprises (ASPE) by selecting the standard you are interested in from the following table or from the left navigation where we have categorized the standards into groupings based on their nature.

Title Description Effective Date
Section 1000 - Financial statement concepts This Section describes the concepts underlying the development and use of accounting principles in general purpose financial statements (hereafter referred to as financial statements). Such financial statements are designed to meet the common information needs of external users of financial information about an entity. Effective for fiscal years beginning on or after January 1, 2011. Earlier application permitted.
Section 1100 - Generally accepted accounting principles This Section describes what constitutes generally accepted accounting principles for private enterprises reporting in accordance with Part II of the Handbook. This Section also provides guidance on sources to consult when selecting accounting policies and determining appropriate disclosures, when a matter is not dealt with explicitly in the primary sources of generally accepted accounting principles. Effective for fiscal years beginning on or after January 1, 2011.
Section 1400 - General standards of financial statement presentation This Section establishes general standards of financial statement presentation. Effective for fiscal years beginning on or after January 1, 2013.
Section 1500 - First-time adoption An entity applies Section 1500 when it first adopts accounting standards for private enterprises (ASPE). When an entity adopts ASPE, its first set of financial statements prepared in accordance with ASPE will contain an opening balance sheet at the date of transition (i.e. the beginning of the earliest comparative period). The opening balance sheet and all subsequent periods contained in the first set of ASPE financial statements are prepared in accordance with those ASPE standards in effect at the end of the year the entity adopts ASPE, with certain limited exceptions. These amendments are effective for periods beginning on or after January 1, 2011. Other editorial changes and corrections introduced in March 2012.
Section 1505 - Disclosure of accounting policies The purpose of this Section is to establish standards for the disclosure of accounting policies. Accounting policies are the specific principles, bases, conventions, rules and practices applied by an entity in preparing and presenting financial statements. Effective for fiscal years beginning on or after January 1, 2011. Amendments to paragraph 1505.08 are effective for annual financial statements relating to fiscal years beginning on or after January 1, 2018. Earlier application is permitted.
Section 1506 - Accounting changes The purpose of this Section is to prescribe the criteria for changing accounting policies, together with the accounting treatment and disclosure of changes in accounting policies, changes in accounting estimates and corrections of errors. Effective for annual financial statements relating to fiscal years beginning on or after January 1, 2018. Earlier application is permitted
Section 1508 - Measurement uncertainty This Section establishes disclosure standards when there is measurement uncertainty arising from items recognized in financial statements. It does not deal with the disclosure of uncertainties relating to contingencies in financial statements (see Section 3290, Contingencies). Effective for fiscal years beginning on or after January 1, 2011.
Section 1510 - Current assets and current liabilities This Section establishes presentation and disclosure standards for current assets and current liabilities. Other Sections provide additional presentation and disclosure requirements for specific current assets and liabilities. Effective for fiscal years beginning on or after January 1, 2011.
Section 1520 - Income statement This Section establishes the line items to be separately presented in the income statement. Effective for fiscal years beginning on or after January 1, 2014.
Section 1521 - Balance sheet This Section establishes the line items to be separately presented in the balance sheet. Effective for annual financial statements relating to fiscal years beginning on or after January 1, 2018. Earlier application is permitted.
Section 1540 - Cash flow statement The purpose of this Section is to require the provision of information about the historical changes in cash and cash equivalents of an enterprise by means of a cash flow statement that classifies cash flows during the period arising from operating, investing and financing activities. Effective for fiscal years beginning on or after January 1, 2014.
Section 1582 - Business combinations A business combination is a transaction or other event in which an acquirer obtains control over one or more businesses. An enterprise shall account for each business combination by applying the acquisition method. Effective for fiscal years beginning on or after January 1, 2016.
Section 1591 - Subsidiaries This Section establishes standards for subsidiaries in the general purpose financial statements. It provides guidance on when one enterprise "controls" another enterprise such that the other enterprise qualifies as a "subsidiary". The amendments are effective for annual financial statements relating to fiscal years beginning on or after January 1, 2020. Earlier application is permitted.
Section 1601 - Consolidated financial statements This Section establishes standards for the preparation of consolidated financial statements. This Section specifically discusses consolidation accounting following a business combination that involves a purchase of an equity interest by one company in another. Effective for fiscal years beginning on or after January 1, 2011. Earlier application is permitted.
Section 1602 - Non-controlling interests This Section establishes standards for accounting for a non-controlling interest in a subsidiary in consolidated financial statements subsequent to a business combination. Effective for fiscal years beginning on or after January 1, 2014.
Section 1625 - Comprehensive revaluation of assets and liabilities This Section establishes recognition, measurement and disclosure standards dealing with the comprehensive revaluation of assets and liabilities by profit-oriented enterprises in order to establish a new cost basis. The Section permits comprehensive revaluation of an enterprise's assets and liabilities in two circumstances: (a) where all or virtually all of the equity interests of the enterprise have been acquired in one or more transactions between non-related parties by an acquirer who controls the enterprise after the transaction(s) or (b) where the enterprise has been subject to a financial reorganization and the same party does not control the enterprise both before and after the reorganization and in either situation new costs are reasonably determinable. Effective for fiscal years beginning on or after January 1, 2011.
Section 1651 - Foreign currency translation This Section establishes standards for the translation of transactions of a reporting enterprise that are denominated in a foreign currency and financial statements of a foreign operation for incorporation in the financial statements of a reporting enterprise. Effective for annual financial statements relating to fiscal years beginning on or after January 1, 2018. Earlier application is permitted.
Section 1800 - Unincorporated businesses This Section establishes disclosure standards for unincorporated businesses. Only these special problems are dealt with in this Section. The requirements of this Section are only applicable to unincorporated businesses. Effective for fiscal years beginning on or after January 1, 2011.
Section 3031 - Inventories This Section prescribes the accounting treatment for inventories. Effective for fiscal years beginning on or after January 1, 2011.
Section 3041 - Agriculture This Section sets out the principles for the recognition, measurement and disclosure of agricultural inventories and productive biological assets. Annual periods beginning on or after January 1, 2021, with earlier application permitted.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.