The Accounting Standards Board (AcSB) has adopted an annual process to make minor improvements to accounting standards for private enterprises (ASPE) in Part II of the CPA Canada Handbook – Accounting as they are identified. The annual improvements process:
- clarifies guidance or wording in the standards; or
- corrects relatively minor unintended consequences, conflicts or oversights.
Major improvements to the standards, such as the issuance of a new standard, are not included in the annual improvements process. Annual improvements to Part II may also apply to not-for-profit organizations that use Part III.