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Canadian Standards in Transition > Private Enterprises  >  FAQs


 

 

FAQs

Note

Further information can be found by consulting the standards found in the CICA Handbook – Accounting.    

 

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1. Why is the Handbook now divided into "Parts"?

2. Who can use accounting standards for private enterprises (ASPE)?

3. Will these standards be applicable to not-for-profit organizations in the future?

4. When should a private enterprise consider adopting International Financial Reporting Standards (IFRSs)?

5. What is the effective date of accounting standards for private enterprises (ASPE)? When is the earliest that an enterprise can adopt these standards?

6. Section 1506, Accounting Changes, requires disclosures about future changes in accounting standards. Do private enterprises have to make these disclosures between now and the adoption of the new standards?

7. What is the overall approach for transitioning to the new standards?

8. Do the transitional provisions apply to entities that have followed Canadian GAAP in the past?

9. What are the accounting consequences of revaluing property, plant and equipment on adopting accounting standards for private enterprises?

10. The number of disclosure requirements has been reduced substantially. Does this mean a private enterprise should expect to reduce the number of notes accordingly?

11. On adopting the new standards, does an enterprise need to disclose information about management compensation and government remittances?

12. If an enterprise concludes that it has no significant accounting policy changes on adoption of accounting standards for private enterprises (ASPE), what sort of disclosure should it make on adoption?

13. I understand that investments in traded equity securities are to be held at fair value under accounting standards for private enterprises. Is this an option? Where does an enterprise recognize changes in the value of such instruments?

14. Why does the requirement to hold equity securities traded in an active market at fair value not apply to all quoted investments?

15. How might an enterprise describe the basis of accounting used to prepare the financial statements?

16. I understand that a complete reconsideration was given to each of the disclosure requirements. Does the accounting standards for private enterprises require the boilerplate note regarding measurement uncertainty?

17. What are the implications of adopting accounting standards for private enterprises for an enterprise that previously followed AcG-18, Investment Companies?

18. Can a private enterprise in Canada use the IFRS for Small and Medium sized Enterprises (IFRS for SMEs)?

19. The definitions of a ‘publicly accountable enterprise’ and ‘private enterprise’ in the Preface are not entirely clear to me and accordingly I am having difficulty deciding which standards I must follow.


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