It has been a long time coming but as of March 1, 2020, the pre-changeover standards in Part V (i.e. old Canadian GAAP) of the CPA Canada Handbook – Accounting, which includes various Basis for Conclusions documents, have been removed from the Handbook. This represents the final stage of the changeover process in Canadian accounting standards that began with the introduction of International Financial Reporting Standards (IFRS) and Canadian Accounting Standards for Private Enterprises (ASPE) in 2011 and Canadian Accounting Standards for Not-for-Profit Organizations (ASNPO) in 2012.
As a result, the following Basis for Conclusions documents, developed to accompany the pre-changeover standards and which remain relevant, have been added to Part II (i.e. ASPE):
- ACCOUNTING CHANGES, Section 1506 (July 2006);
- Cash distributions (Amendments to CASH FLOW STATEMENT, Section 1540) (September 2007);
- DISCLOSURES BY ENTITIES SUBJECT TO RATE REGULATION, AcG-19 (October 2005);
- DISPOSAL OF LONG-LIVED ASSETS AND DISCONTINUED OPERATIONS, Section 3475 (December 2002);
- GENERAL STANDARDS OF FINANCIAL STATEMENT PRESENTATION, Section 1400 (November 2003);
- GENERALLY ACCEPTED ACCOUNTING PRINCIPLES, Section 1100 (November 2003);
- IMPAIRMENT OF LONG-LIVED ASSETS, Section 3063 (December 2002);
- INCOME TAXES, Section 3465 (April 1999);
- INVENTORIES, Section 3031 (June 2007);
- INVESTMENT COMPANIES, AcG-18 (February 2004);
- Investment companies (Amendments to ACCOUNTING GUIDELINES (AcG) 15, Consolidation of Variable Interest Entities, and AcG-18, Investment Companies) (June 2007);
- NON-MONETARY TRANSACTIONS, Section 3831 (October 2005); and
- Rate-regulated operations (Amendments to Sections 1100 and 3465 and AcG-19, Disclosures by Entities Subject to Rate Regulation) (December 2007).