Private Enterprises

Private enterprises reporting under Canadian GAAP can choose between two sets of standards: accounting standards for private enterprises (ASPE) or International Financial Reporting Standards (IFRSs). 

ASPE were developed to meet the specific needs of private enterprises and users of their financial statements. Notable changes, as compared to pre-changeover standards, include simplification of recognition, measurement and presentation in areas that were identified as being overly complex, for example, accounting for financial instruments. The new standards also significantly reduce the burden of disclosure requirements.

Private enterprises are required to adopt ASPE or IFRSs for fiscal years beginning on or after January 1, 2011. 

Resources and training opportunities are available to assist private enterprises and accounting professionals.