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Accounting Standards for Private Enterprises (ASPE)

The Accounting Standards for Private Enterprises (ASPE) are accounting principles for small and medium-sized enterprises (SMEs) in Canada that publish financial statements for general-purpose use but do not have to report their financial results publicly because their shares are not traded on a public stock exchange.

The ASPE were adapted from the International Financial Reporting Standards (IFRS) for SMEs published by the International Accounting Standards Board in July 2009.

Canadian SMEs may choose to use either the ASPE or IFRS. Following either yields a standardized package of information that boosts the confidence of the people who use it for decision-making. They may include owners not involved in managing the business, potential owners, existing and potential lenders, creditors, credit rating agencies and vendors/suppliers.

Companies that follow ASPE must also abide by any laws and government rules for tax reporting. As well, owner/managers and other government agencies may demand other information about a company.

More about ASPE

For more detailed information about the ASPE, see the CPA Canada Handbook.