Snapshot - ASPE 1582 Business Combinations

About this Checklist

This checklist is intended to present the reporting requirements for annual financial statements of a private profit-oriented enterprise prepared in accordance with the Canadian accounting standards for private enterprises (ASPE). If your entity operates in an industry for which there are specific reporting requirements (i.e., oil and gas/mining, etc.), or if your entity’s unique circumstances might require additional disclosure, the CPA Canada Handbook should be consulted to ensure complete and accurate disclosure. Individual entities should also tailor their disclosures to reflect the materiality of the items concerned. This checklist should be evaluated in conjunction with the General Standards of Financial Statement Presentation (Section 1400 under ASPE) and is not a substitute for the exercise of professional judgment and knowledge of authoritative pronouncements.

This checklist reflects the ASPE standards that have been issued as of December 31, 2024, and those standards that are required to be applied from the perspective of an entity with a fiscal year beginning on January 1, 2024. If the entity’s reporting fiscal period commenced before January 1, 2024, please refer to MNP’s ASPE Financial Statement Presentation & Disclosure Checklist –December 31, 2023, edition for appropriate disclosure requirements. Any disclosure requirements for standards effective for periods beginning after January 1, 2024, are differentiated by an “[EARLY ADOPTION]” note and related footnote. It is possible that standards could be amended after December 31, 2024. Any such changes and additional requirements would need to be considered when preparing financial statements in accordance with ASPE. Accordingly, this checklist should not be used as a substitute for referring to the standards themselves.

Text boxes may be used to make working paper references if needed, or to provide explanations if items were or were not disclosed. The options “Yes, No, and NA” are available in the right-hand column, and should be used as follows:

• NA – This option should be selected when the disclosure is not applicable.
• Yes – This option should be selected when the disclosure is applicable and included in the financial statements.
• No – This option should only be used for immaterial disclosures, OR when a disclosure IS applicable to the entity and the item has NOT been disclosed (in most cases this will be a departure from generally accepted accounting principles (GAAP)). An explanation of why “No” was selected should be provided in the text box immediately following the item.