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Section 1500 - First-time adoption
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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. |
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Section 1510 - Current assets and current liabilities
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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. |
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Section 1540 - Cash flow statement
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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. |
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Section 3856 - Financial instruments
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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. These amendments are effective for fiscal years ending on or after February 1, 2022. Earlier application is permitted, including in financial statements not yet authorized for issue. |
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Section 3400 - Revenue
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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, except for subsequent amendments. The amendments defer the effective date for previously issued amendments relating to upfront non-refundable fees or payments from fiscal years beginning on or after January 1, 2022, to fiscal years beginning on or after January 1, 2025. Earlier application is permitted. |
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Section 3041 - Agriculture
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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. |
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Section 3462 - Employee future benefits
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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. |
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AcG-20, Customer’s Accounting for Cloud Computing Arrangements
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This Guideline provides guidance on accounting for a customer's expenditures in a cloud computing arrangement; and determining whether a software intangible asset exists in the arrangement. |
Effective for fiscal years beginning on or after January 1, 2024, with earlier application permitted |
