Financial Reporting

Accounting Standards for Private Enterprises (ASPE)

AcSB Decision Summary – January 19-20, 2022

This summary of Accounting Standards Board (AcSB) decisions has been prepared for information purposes only. Decisions reported are tentative and reflect only the current status of discussion on projects, which may change after further deliberations by the Board. Decisions to publish Handbook material are final only after a formal ballot process.

Financial Reporting & Assurance Standards Canada

Want to hear more about reporting natural capital in financial statements? Attend our virtual #PSADiscussionGroup meeting on November 12. Register now! http://ow.ly/IVSU50Gxr4o

Accounting standards for private enterprises (ASPE): Summary resource guide

We are committed to supporting Canadian practitioners, members in industry and members in education with guidance and resources on ASPE.

ASPE briefing: Section 3400, Revenue

In December 2019, the Accounting Standards Board (AcSB) issued amendments to Section 3400, Revenue in Part II of the CPA Canada Handbook – Accounting. Learn more about the amendments in our briefing.

ASPE briefing: Accounting for investments

Accounting for investments under Accounting Standards for Private Enterprises (ASPE) can be complex. Different types of investments exist and several accounting policy choices are available. Our updated briefing helps simplify the accounting for investments.

Accounting Standards for Private Enterprise (ASPE): Summary Resource Guide

Download our convenient guide for a comprehensive listing of CPA Canada's ASPE resources, including financial reporting alerts, ASPE briefings, Guide to Accounting Standards for Private Enterprises (GASPE), webinars, adopting ASPE for the first time, and other ASPE resources.

FRC highlights top areas for improving corporate reporting

This article highlights the ten areas in company reports identified by the FRC as needing improvement.

ASPE Briefing - Section 3462: Defined benefit plans

Learn how to correctly apply ASPE Section 3462 for defined benefit plans. SPE Briefing - Section 3462, Employee Future Benefits: A focus on defined benefit plans will assist you in the application of Section 3462, Employee Future Benefits, for private Canadian companies applying accounting standards for private enterprises (ASPE).

ASPE briefing: Section 3400, Revenue

In December 2019, the Accounting Standards Board (AcSB) issued amendments to Section 3400, Revenue in Part II of the CPA Canada Handbook – Accounting. Learn more about the amendments in our briefing.

Wealth of education on accounting standards for private enterprises (ASPE)

Discover a wealth of education, information and resources related to accounting standards for private enterprises. Apply filters to narrow your results for publications, CPA Magazine articles, courses, webinars, blogs and more.

International Financial Reporting Standards (IFRS)

IFRIC Update February 2022

IFRIC Update is a summary of the decisions reached by the IFRS Interpretations Committee (Committee) in its public meetings. Past Updates can be found in the IFRIC Update archive.

Webcasts explaining the IASB’s Exposure Draft Supplier Finance Arrangements

International Accounting Standards Board (IASB) Member Zach Gast introduces the Exposure Draft Supplier Finance Arrangements in two short webcasts. In part 1, he provides the background to reverse factoring and other supplier finance arrangements. In part 2, he illustrates how the IASB’s proposals aim to enhance the transparency of supplier finance arrangements and sets out why it is important for stakeholders to respond to these proposals.

The Exposure Draft is open for comment until March 28, 2022.

Extractive Activities—Project update

In its September 2021 meeting, the International Accounting Standards Board (IASB) made tentative decisions about the scope and objectives of its Extractive Activities project.

IASB issues IFRS Accounting Taxonomy Update for Disclosure of Accounting Policies and Definition of Accounting Estimates

The International Accounting Standards Board (IASB) has today issued an update to the IFRS Accounting Taxonomy 2021 to reflect the amendments:

Disclosure of Accounting Policies, issued in February 2021, which amended IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2 Making Materiality Judgements; and
Definition of Accounting Estimates, issued in February 2021, which amended IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors.

IFRS Foundation webinars on Trustees' sustainability-related work-recordings now available

Recordings are now available of the live 7 July 2021 webinars discussing the IFRS Foundation Trustees’ work on creating a proposed new standard-setting board-International Sustainability Standards Board-that would develop sustainability-related disclosure requirements to meet investors' needs.

AcSB Exposure Draft – Financial Instruments

The Accounting Standards Board (AcSB) proposes, subject to comments received following exposure, to amend FINANCIAL INSTRUMENTS, Section 3856 in Part II of the CPA Canada Handbook – Accounting.

Investor Perspectives: Disclosures in financial statements to better reflect investor needs

Investors have been calling for better disclosures in financial statements, but delivering more useful disclosures to them proves to be a consistent challenge for companies.

AcSB Exposure Draft – Non-current Liabilities with Covenants – Proposed Amendments to IAS 1 – December 2021

The Accounting Standards Board (AcSB) proposes, subject to comments received following exposure, to incorporate into Part I of the CPA Canada Handbook – Accounting, the amendment to International Accounting Standard (IAS) 1 Presentation of Financial Statements. This AcSB Exposure Draft reflects proposals made by the International Accounting Standards Board (IASB) that the AcSB intends to adopt, subject to deliberating comments received, as Canadian generally accepted accounting principles.

Financial Reporting Webinar Explores Key Topics in Q1 2021

This webinar provides updates on matters of interest to Canadian public companies, including changes to IFRS Standards and Canadian securities legislation, key accounting issues in preparing financial statements, as well as recent and proposed regulatory initiatives. The webinar is part of CPA Canada's quarterly reporting webinar series and is jointly presented by BDO.

IFRS - IFRS Standards Navigator

The IFRS Foundation provides free access (through Basic registration) to the PDF files of the current year's consolidated IFRS® Standards and IFRIC® Interpretations (Part A of the Issued Standards—the Red Book), the Conceptual Framework for Financial Reporting and IFRS Practice Statements, as well as available translations of Standards.

Subsidiaries without Public Accountability: Disclosures

Exposure Draft ED/2021/7 Subsidiaries without Public Accountability: Disclosures is published by the International Accounting Standards Board (Board) for comment only.

Not-For-Profit Organizations (ASNPO)

Accounting standards for not-for-profit organizations (ASNPO): Guidance Resources

When it comes to ASNPO, the search is over. Get free, practical guidance on accounting and reporting for not-for-profit organizations (NFPOs)

ASNPO Briefing: Section 4449, Combinations by Not-for-Profit Organizations

In March 2021, the Accounting Standards Board (AcSB) issued Section 4449, Combinations by Not-for-Profit Organizations in Part III of the CPA Canada Handbook – Accounting. Learn more about this new section in our briefing.

What not-for-profit organizations need to know about annual reporting

Learn how not-for-profit organizations (NFPOs) can prepare high-quality annual reports that enhance transparency and accountability to their stakeholders.

Public Sector Accounting Board (PSAB)

Canadian public company financial reporting update: Q2 2021

Need help understanding recent changes to Canadian financial reporting requirements? Our webinar for Q2 2021 will help you stay current on today's financial reporting hot topics.

Canadian public company financial reporting update: Q3 2021

This special-edition webinar for the third quarter of 2021 will give you an overview of the National Instrument 52-112 Non-GAAP and other financial measures disclosure (Instrument) requirements.

IPSASB issues Exposure Draft (ED) 80, Improvements to IPSAS, 2021

The IPSASB has issued Exposure Draft (ED) 80, Improvements to IPSAS, 2021 for public comment.

Webinar – PSAB’s Exposure Draft “Employee Benefits, Proposed Section PS 3251”

Watch our recorded webinar to learn about the key proposals in PSAB’s Exposure Draft “Employee Benefits, Proposed Section PS 3251."

Webinar – PSAB’s International Strategy Update

Hear from our experts on the International Strategy Decision. Get an update on what we’ve done to implement our new International Strategy. We will discuss GAAP hierarchy, our responses to IPSASB documents, and other international influence activities.

What are accounting standards for the Public Sector?

Accounting standards are authoritative standards for financial accounting and reporting developed through an organized standard-setting process and issued by a recognized standard-setting body. Accounting standards specify how transactions and other events are to be recognized, measured, presented and disclosed in a public sector entity’s financial statements. The objective of such standards is to meet the needs of users of financial statements by providing the information needed for accountability and decision making.

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