Accounting Standards for Private Enterprises (ASPE)

IFRS is looming for publicly accountable entities. As the owner or manager of a Canadian privately held business you too have the option to make the move to IFRS and depending on your situation—a plan to go public in the near future, for example—this may make the most sense from a business and strategic perspective. But if IFRS is not in your foreseeable future you should know that a “made in Canada” change to generally accepted accounting principles is your alternate solution.

Accounting Standards for Private Enterprises, or ASPE (formerly PEGAAP), is an independent set of Canadian accounting standards. While the process for converting to ASPE will not be as extensive or complex as it is for IFRS, it will affect the way in which you currently approach your financial reporting. Some of the more significant changes include those proposed for

• financial instruments,
• income taxes, and
• business combinations.

Don’t go it alone—we can help 
At Grant Thornton LLP, we understand the challenges that you’ll be facing on this “made in Canada” road to conversion. To that end, our assurance and business advisory professionals have developed a “made in Canada” methodology designed to help make the transition as smooth and as timely as possible.

The deadline for conversion is not until January 1, 2011, but an early start on the planning and preparations will lead to a successful transition. Early adoption is also possible in some circumstances. Speak to one of our advisers today for more information.