Accounting Standards for Private Enterprises

Overview

Active Projects

Amendments to Section 3041, Agriculture

The AcSB is developing narrow-scope proposals to address the disclosure requirement issues and to provide additional guidance on the concept of productive capacity in Section 3041

Detailed Review of Accounting Standards for Private Enterprises

The AcSB expects to issue a consultation paper in early 2025

Evaluating the Preface

AcSB is researching issues with the current Preface of the CPA Canada Handbook – Accounting to identify potential solutions

Financial Statement Concepts

The AcSB is researching issues with Section 1000, Financial Statement Concepts, and Section 1001, Financial Statement Concepts for Not-for-Profit Organizations in Parts II and III of the CPA Canada Handbook – Accounting, respectively, to identify potential areas for improvement

Related Party Combinations

The AcSB issued its Exposure Draft, “Accounting for Common Control Combinations” in December 2024

AcSB Exposure Draft

Subsequent Measurement of Goodwill and Acquired Intangible Assets

The AcSB is developing proposals to include in an exposure draft

CPA Canada Handbook

CPA Canada Handbook – Accounting, Part II contains all the accounting standards for private enterprises, set by the Accounting Standards Board.

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News

December 16, 2024 Document for Comment

AcSB Exposure Draft – Accounting for Common Control Combinations

The AcSB wants your feedback on its proposed amendments to Section 3840, Related Party Transactions. These proposed narrow-scope amendments address accounting for a combination between enterprises or businesses under common control. Submit your comments by February 14, 2025.

November 13, 2024 Meeting Summary

Private Enterprise Advisory Committee Notes – November 13, 2024

The Private Enterprise Advisory Committee held a meeting on November 13, 2024, and discussed Relief from the Recognition of Intangible Assets and Amortization of Goodwill, Detailed Review of Accounting Standards for Private Enterprises, the Annual Plan, and Agriculture. Read the meeting notes for full details!

November 6-12, 2024 Resource

On-demand Webinar – Domestic Accounting Standards Update (Fall 2024)

Are you a Canadian private enterprise, not-for-profit organization, pension plan, an advisor to one, or a user of their financial statements? Register for our upcoming webinar to learn about current accounting standards projects and recent amendments in Parts II, III, and IV of the CPA Canada Handbook – Accounting. Join us on November 6, 2024 (English) or November 12, 2024 (French).