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ASPE standards effective in 2020 and beyond | Deloitte CFR

ASPE

The following standards have been issued or amended on or after January 1, 2020:

Title Description Effective Date
Section 3065 - Leases This Section establishes standards for the accounting for lease transactions from the perspective of both the lessee and the lessor. Effective January 1, 2011. The amendments are effective for fiscal years ending on or after December 31, 2020. Earlier application is permitted.
Section 3051 - Investments This Section establishes standards for (1) investments subject to significant influence; and (2) measuring and disclosing certain other non-financial instrument investments (such as works of art and other tangible assets held for investment purposes). Effective January 1, 2011. The amendments are effective for fiscal years beginning on or after January 1, 2021. Earlier application continues to be permitted.
Section 3465 - Income taxes This Section establishes standards for the recognition, measurement, presentation and disclosure of income and refundable taxes in an enterprise's financial statements. Effective January 1, 2011. The amendments are effective for fiscal years beginning on or after January 1, 2021. Earlier application continues to be permitted.
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". Effective January 1, 2016. The amendments are effective for fiscal years beginning on or after January 1, 2021. Earlier application continues to be permitted.
Section 3251 - Equity This Section establishes standards for the presentation of equity and changes in equity during the reporting period. The requirements of this Section are in addition to those in Section 3240, Share capital, and Section 3260, Reserves. Effective January 1, 2011. The amendments are effective for fiscal years beginning on or after January 1, 2021. Earlier application continues to be permitted.
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. Effective January 1, 2011. The amendments are effective for annual financial statements relating to fiscal years beginning on or after January 1, 2022. Earlier application is permitted.
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 January 1, 2011. The amendments are effective for annual financial statements relating to fiscal years beginning on or after January 1, 2022. 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 January 1, 2011. The amendments are effective for annual financial statements relating to fiscal years beginning on or after January 1, 2022. Earlier application is permitted.
Section 3856 - Financial instruments This Section establishes principles for the financial reporting of financial assets and financial liabilities that will present relevant and useful information to users of financial statements for their assessment of the amounts, timing and uncertainty of an entity's future cash flows. Effective January 1, 2011. The amendments are effective for annual financial statements relating to fiscal years beginning on or after January 1, 2022. Earlier application is permitted.
Section 3041 - Agriculture This Section sets out the principles for the recognition, measurement and disclosure of agricultural inventories and productive biological assets. Effective January 1, 2011. The amendments are effective for fiscal years beginning on or after January 1, 2022. Earlier application continues to be permitted.
Section 3400 - Revenue This Section establishes standards for the timing of recognition of revenue in the financial statements of enterprises. It is concerned with the recognition of revenue arising in the course of the ordinary activities of an enterprise from the sale of goods, the rendering of services, and the use by others of enterprise resources yielding interest, royalties and dividends. It does not deal with the measurement of revenue, which is usually determined by agreement between the parties involved. Effective January 1, 2011. The amendments are effective for fiscal years beginning on or after January 1, 2022. Earlier application continues to be permitted.
Section 3462 - Employee future benefits This Section establishes standards for the recognition, measurement, and disclosure of the cost of employee future benefits. Effective January 1, 2014. The amendments are effective for annual financial statements relating to fiscal years beginning on or after January 1, 2022. Earlier application is permitted but only for all of an enterprise's defined benefit plans.

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.