Most Canadian private companies and not-for-profits report under these made-in-Canada standards. Several sections changed in 2026 and more are in progress.
- Type
- Accounting standards (Parts II and III of the CPA Canada Handbook – Accounting)
- Standard setter
- Accounting Standards Board (AcSB)
- ASPE for
- Private enterprises without public accountability
- ASNPO for
- Private-sector not-for-profit organizations
- Introduced
- 2011 (ASPE) and 2012 (ASNPO)
- Alternative
- Either may choose IFRS instead
What it is
ASPE (Part II) is a simpler set of standards built for private enterprises and their users, mostly owners and lenders. ASNPO (Part III) adds standards specific to not-for-profits, such as contributions and controlled entities; where Part III is silent, Part II applies.
Why it exists
Full IFRS is costly and more than most private-company users need. ASPE and ASNPO keep reporting reliable and comparable while focusing on what lenders, owners, members and funders actually use.
Who it applies to
Canadian private enterprises that are not publicly accountable, and private-sector not-for-profit organizations. Government not-for-profits follow the Public Sector Accounting Standards instead.
Authority and enforcement
The AcSB sets and amends the standards. Provincial CPA bodies license public accountants and inspect their practices; lenders and funders often require ASPE or ASNPO statements by contract.
- 2011
ASPE applies to fiscal years beginning on or after 2011-01-01.
- 2012
ASNPO applies to fiscal years beginning on or after 2012-01-01.
- 2019-12
Revenue amendments to Section 3400: bill-and-hold, multiple elements, percentage of completion, gross versus net.
- 2024-05
The upfront non-refundable fees amendments are deferred indefinitely, with new disclosures.
- 2026-01-01
Revised Section 3840 on related-party transactions and new guideline AcG-21 on life insurance with cash surrender value.
Systems and tools
- Revenue recognition rules configured in billing and accounting systems
- Fund and restriction tracking for deferred contributions
- Related-party identification in the vendor and customer master
Processes
- Contract review for revenue
- Year-end documentation of related-party transactions
- Updated disclosure checklists
Governance
- Accounting policy choices documented and approved
- Board or finance committee oversight
- Lender and funder reporting calendars
If you do not comply
- Qualified or adverse audit opinion, or a qualified review conclusion
- Lender covenant breaches when statements are a covenant deliverable
- Funder and grant compliance problems for not-for-profits
Announced and upcoming changes
- 2027-01-01Revised Section 3041 on agriculture applies.
- 2027 (expected)Goodwill and intangibles: optional goodwill amortization and relief on acquired intangibles, final amendments expected in Q2 2027.
- Q4 2026ASNPO contributions project: a new exposure draft is planned; no effective date set.
- 2026–2027Consultation on controlled and related entities for not-for-profits (Section 4450).
Status checked 2026-10-03. Dates can move; confirm with the official sources below.
- FRAS Canada: private enterprises (ASPE) ↗
- ASPE revenue project ↗
- FRAS Canada: not-for-profit projects ↗
- CPA Canada ↗
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