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ASPE standards effective in 2018 and beyond | Deloitte CFR

ASPE

The following standards have been issued or amended on or after January 1, 2018:

Title Description Effective Date
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 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 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 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 3065 - Leases This Section establishes standards for the accounting for lease transactions from the perspective of both the lessee and the lessor. Effective for annual financial statements relating to fiscal years beginning on or after January 1, 2018. 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. The amendments are effective for annual financial statements relating to fiscal years beginning on or after January 1, 2020. Earlier application is 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". The amendments are effective for annual financial statements relating to fiscal years beginning on or after January 1, 2020. Earlier application is 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. The amendments are effective for annual financial statements relating to fiscal years beginning on or after January 1, 2020. Earlier application is 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.