Section 1521 - Balance sheet

Effective date:

January 1, 2011 except for subsequent amendments

Published by the AcSB:

December 2009


This Section establishes the line items to be separately presented in the balance sheet. In accordance with Section 1400 General Standards of Financial Statement Presentation, an entity also considers whether additional line items would be presented in order to provide a fair presentation in accordance with generally accepted accounting principles.

History of Section 1521






December 2009


Part II of the CPA Canada Handbook  issued


Effective for fiscal years beginning on or after January 1, 2011.

October 2011


Annual improvements


Paragraph .05, has been amended to address an inconsistency with Section 1510, Current assets and current liabilities. Effective for fiscal years beginning on or after January 1, 2011.

July 2017


2017 Annual Improvements. Refer to completed project.


Amendments to paragraphs 1521.04 and 1521.05 and new paragraphs 1521.04A and 1521.05A. Effective for annual financial statements relating to fiscal years beginning on or after January 1, 2018. Earlier application is permitted.

Note: The above summary does not include details of consequential amendments made as the result of other projects.

Private Enterprise Advisory Committee Meeting Notes

  • June 14, 2016 - 2017 Annual Improvements: Balance Sheet – Presentation of Assets Leased under Capital Lease

Amendments under consideration

  • None

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.