ASPE AT A GLANCE - BDO Canada

1 ASPE AT A GLANCE . ASPE AT A GLANCE . This publication has been compiled to assist users in gaining a high level overview of Accounting Standards for Private Enterprises (ASPE). included in Part II of the CPA Canada Handbook Accounting as of December 1, 2015. Not every standard in the ASPE Handbook is included in this ASPE at a GLANCE publication. This publication focuses on recognition, measurement and presentation of ASPE standards and does not cover disclosure requirements. Many of the standards that are not included in this publication are focused on disclosure.

2 If an ASPE standard has been revised or replaced the new version of the standard is included in the main section of this publication. Any superseded standards that are still in effect have been included at the end of this publication. ASPE at a GLANCE Effective Date of Topic Standards Included in Topic Page Standards Financial Statement Presentation Section 1400, Section 1505 January 1, 2011 1. Section 1510, Section 1520. Section 1521, Section 1540. First-time Adoption Section 1500 January 1, 2011 5. Accounting Changes Section 1506 January 1, 2011 6.

3 Business Combinations Section 1582 January 1, 2011 8. Subsidiaries Section 1591 January 1, 2016 9. Consolidated Financial Statements & Non-controlling Interests Section 1601, Section 1602 January 1, 2011 11. Comprehensive Revaluation of Assets and Liabilities Section 1625 January 1, 2011 13. Foreign Currency Translation Section 1651 January 1, 2011 15. Inventories Section 3031 January 1, 2011 17. Investments Section 3051 January 1, 2011 18. Interests in Joint Arrangements Section 3056 January 1, 2016 19. Property, Plant and Equipment Section 3061 January 1, 2011 21.

4 Impairment of Long-lived Assets and Goodwill Section 3063, Section 3064 January 1, 2011 22. Intangible Assets Section 3064 January 1, 2011 24. Leases Section 3065 January 1, 2011 26. Asset Retirement Obligations Section 3110 January 1, 2011 28. Share Capital, Equity, Reserves and Capital Transactions Section 3240, Section 3251 January 1, 2011 30. Section 3260, Section 3610. Contingencies Section 3290 January 1, 2011 32. Revenue Section 3400 January 1, 2011 33. Employee Future Benefits Section 3462 January 1, 2014 35.

5 Income Taxes Income Taxes Payable Method Section 3465 January 1, 2011 37. Income Taxes Future Income Taxes Method Section 3465 January 1, 2011 38. Disposal of Long-lived Assets and Discontinued Operations Section 3475 January 1, 2011 41. Government Assistance & Investment Tax Credits Section 3800, Section 3805 January 1, 2011 43. Subsequent Events Section 3820 January 1, 2011 45. Non-monetary Transactions Section 3831 January 1, 2011 46. Related Party Transactions Section 3840 January 1, 2011 47. Financial Instruments Section 3856 January 1, 2011 48.

6 Stock-based Compensation and Other Stock-based Payments Section 3870 January 1, 2011 54. Investment Companies AcG-18 January 1, 2011 58. ASPE at a GLANCE Superseded Standards Effective Date of Topic Standards Included in Topic Page Standards Subsidiaries Section 1590 January 1, 2011 60. Interests in Joint Ventures Section 3055 January 1, 2011 61. Appendices Appendix 1 - Standards not Included 63. December 2014. Financial Statement Presentation1 Effective Date Fiscal years beginning on or after January 1, 20112. OVERALL CONSIDERATIONS.

7 FAIR PRESENTATION IN ACCORDANCE WITH GAAP GOING CONCERN GENERAL PURPOSE COMPARATIVE BASIS OF. FINANCIAL STATEMENTS INFORMATION PREPARATION. Financial statements are required to present fairly in accordance Financial statements are required to be An entity selects one set of Financial Financial with GAAP the financial position, results of operations and cash prepared on a going concern basis, unless accounting policies in a statements are statements flows of an entity. management either intends to liquidate the period to use to prepare its prepared on a prepared in Fair presentation in accordance with GAAP is accomplished by: entity or to cease trading, or has no realistic general purpose financial comparative basis accordance with Applying Section 1100, Generally Accepted Accounting alternative but to do so.

8 Statements in accordance unless ASPE must state Principles. Management must disclose material with ASPE. Any additional comparative this basis of Providing sufficient information about transactions or events that uncertainties about an entity's ability to sets of financial statements information is not presentation are of a size, nature and incidence that their disclosure is continue as a going concern. prepared that use alternative significant or the prominently in necessary to understand their effect on the entity's financial If the financial statements are not prepared accounting policies in standards in ASPE the notes.

9 Position, results of operations and cash flows for the periods on a going concern basis, this fact, the reason accordance with ASPE, must permit otherwise. presented; and why the entity is not considered a going refer to the general purpose Providing information in a clear and understandable manner. concern and the basis on which the financial financial statements. statements are prepared must be disclosed. ACCOUNTING POLICIES. An enterprise's financial statements must include a clear and concise description of the significant accounting policies adopted.

10 As a minimum, disclosure of information on accounting policies must be provided in the following situations: When a selection is made from alternative acceptable accounting principles and methods;. When accounting principles and methods used are peculiar to an industry the enterprise operates in, even if these are predominately followed in the industry. Accounting policies should be presented as the first note to the financial statements. COMPONENTS OF FINANCIAL STATEMENTS. A complete set of financial statements comprises: Balance Sheet Income Statement Statement of Retained Earnings Cash Flow Statement Notes Supporting schedules All statements are required to be presented with equal prominence.