Who can use accounting standards for private enterprises?

April 26, 2017Accounting Enterprises private Standards

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Who can use accounting standards for private enterprises?

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Any private enterprise, as defined in the Preface to the Handbook, can adopt accounting standards for private enterprises. There are no qualifiers such as unanimous consent from shareholders.

If an enterprise concludes that it has no significant accounting policy changes on adoption of accounting standards for private enterprises, what sort of disclosure should it make on adoption?
What is the effective date of accounting standards for private enterprises (ASPE)? When is the earliest that an enterprise can adopt these standards?
What are the accounting consequences of revaluing property, plant and equipment on adopting accounting standards for private enterprises?