1. Accounting
ACCOUNTING STANDARDS FOR PRIVATE ENTERPRISES (ASPE)
Active projects – watch for further activity on these matters
|
Proposed change |
Summary |
Status |
|---|---|---|
|
Redeemable Preferred Shares Issued in a Tax Planning Arrangement |
Amendment to Section 3856 regarding the current exemption of classifying redeemable preferred shares issued in a tax planning arrangement as equity. The AcSB reaffirmed its view that the basis for the exception should be on the condition of retention of control of the enterprise and decided that the control of the enterprise must be retained by the party receiving the redeemable preferred shares. The AcSB further decided on the additional conditions necessary to qualify for equity classification which determine that control of the future cash outflows of the enterprise has not changed. The AcSB noted that at least some of the tax planning arrangements that meet the classification exception under the current guidance will not qualify for the exception under the proposed basis. |
Currently in deliberations. The AcSB is expecting to issue a re-exposure draft in the 3rd quarter of 2017. |
|
Agriculture |
As a result of a lack of specific authoritative guidance, there is diversity in accounting by private enterprises for biological assets and agricultural produce. Stakeholder input to this Discussion Paper will assist the AcSB in deciding whether to develop authoritative guidance, and if so, the issues to be addressed and how they could be addressed. |
This Discussion Paper was published by the AcSB in December 2015. Currently in deliberations. The AcSB plans to issue and exposure draft by 1st quarter of 2018. |
|
2017 Annual Improvements |
This ED proposes amendments to Sections 1505, 1506, 1521, 1651, 3031 and 3065. |
Comment period closed on December 15, 2016. The amendments are expected to be issued by the AcSB in the 3rd quarter of 2017. The proposed updates will be effective for annual periods beginning on or after January 1, 2018. |
Questions?
Here are some resources that will assist in the application of the standards.
CPA Canada Publications for ASPE
The following publication has recently been issued:
ASPE Briefing: Amalgamation of Wholly-Owned Enterprises
Private Enterprise Advisory Committee
This committee assists the AcSB in maintaining and improving
accounting standards for private enterprises and advises on the
need for non-authoritative guidance about the standards. At the
request of the AcSB, the committee may also undertake research into
the financial reporting needs of private enterprises.
Click here to access recent meeting notes.
Digest of issued standards and amendments
Download - Technical Bulletin: May 2017
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
