Alert: ASPE Effective Dates Deferred due to COVID-19

Category: ASPE

Alert: ASPE Effective Dates Deferred due to COVID-19

At its April 2020 meeting, the Accounting Standards Board (AcSB) discussed the evolving situation related to the COVID-19 pandemic and the impact it is having for the AcSB’s stakeholders attempting to navigate these challenging and uncertain times.

In light of this, the AcSB announced its decision to defer the effective dates of certain key new and amended Accounting Standards for Private Enterprises (ASPE) Sections:

  • The following amendments effective for years beginning on or after January 1, 2020 are deferred by one year to January 1, 2021:
    • Amendments to ASPE 3051 Investments
    • Amendments to ASPE 3465 Income Taxes
    • Amendments to ASPE 3856 Financial Instruments
  • The following new and amended Sections effective for fiscal years beginning on or after January 1, 2021 are deferred by one year to January 1, 2022:
    • New ASPE 3041 Agriculture
    • Amendments to ASPE 3400 Revenue

Early application of each of these amendments and new ASPE 3041 continues to be permitted.

The deferral of these effective dates is anticipated to be reflected in the CPA Canada Handbook – Accounting Part II shortly.

To view the full details of the AcSB Decision Summary on this topic, click here.

 

This comunication contains a general overview of the topic and is current as of April 17, 2019. The application of the principles addressed will depend upon the particular facts and circumstances of each individual case. Accordingly, this publication is not a substitute for professional advice and we recommend that any decisions you take about the application or not of any of the information presented be made in consultation with a qualified professional who can address any variance that may be required to reflect your circumstances. Please contact your local MNP representative for customized assistance with the application of this material. MNP LLP accepts no responsibility or liability for any loss related to any person's use of or reliance upon this material. © MNP LLP 2019. All rights reserved.

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Michelle Balmer

Michelle Balmer CPA, CA

Vice President, Assurance

Michelle Balmer, CPA, CA, is a Senior Assurance Services Partner with MNP. With 14 years of experience in public practice, Michelle helps a broad range of public and privately held companies in a variety of industries. She also works on special projects, including costing studies, benchmarking and best-practice studies, operational analyses, litigation support and due diligence.

As a key member of MNP's Assurance team, Michelle has played an instrumental role in assurance policy development, implementing accounting and assurance standards firm-wide and educating assurance practitioners regarding methodologies and new pronouncements. She also provides technical advice and consultation on accounting and assurance issues, as well as on rules of professional conduct issues, to all MNP practitioners.

Michelle was certified a Chartered Accountant (CA) after obtaining a Bachelor of Commerce degree from the University of Alberta. She has been actively involved with the Institute of Chartered Accountants of Alberta, including the Chartered Accountants School of Business, in an instructional and marketing capacity. An avid volunteer, she has assisted numerous groups such as the Easter Seals of Alberta, Paralympic Sports Association and Junior Achievement of Northern Alberta.