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What is the effective date of accounting standards for private enterprises (ASPE)? When is the earliest that an enterprise can adopt these standards?

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What is the effective date of accounting standards for private enterprises (ASPE)? When is the earliest that an enterprise can adopt these standards?

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Part II of the Handbook is effective for annual financial statements relating to fiscal years beginning on or after January 1, 2011. Earlier application was permitted. Accordingly, an enterprise could have applied the accounting standards for private enterprises to, for example, its December 31, 2009 fiscal period. While the standards were not published until December 2009, it would have been possible for an enterprise that had not yet issued its 2009 financial statements to apply the accounting standards for private enterprises, for example, to its October 31, 2009 year-end financial statements.

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