Is Canadian GAAP the same as Aspe?
Accounting Standards for Private Enterprises (ASPE) That year also saw the adoption of IFRS in Canada. Together, ASPE and IFRS now make up GAAP in Canada for private companies. ASPE was designed for private companies; IFRS is to be applied by public companies and other publicly accountable enterprises.
How do you recognize revenue under Aspe?
As described in paragraph 3400.04, revenue is recognized when the requirements as to performance are satisfied, provided that at the time of performance, ultimate collection is reasonably assured.
Is revenue recognition part of GAAP?
Revenue recognition is a generally accepted accounting principle (GAAP) that identifies the specific conditions in which revenue is recognized and determines how to account for it. Typically, revenue is recognized when a critical event has occurred, and the dollar amount is easily measurable to the company.
What is the meaning of Aspe?
Breadcrumb
| Acronyms | Meaning |
|---|---|
| ASPE | HHS Office of the Assistant Secretary for Planning and Evaluation [Direct Link] |
| ASPEN | Automated Survey Processing Environment |
| ASPR | Assistant Secretary for Preparedness and Response |
| ASTCDPD | Association of State and Territorial Chronic Disease Program Directors |
When can a company use Aspe?
A private enterprise may apply ASPE for the first time as a result, for instance, of having applied IFRS in the past, or of having prepared financial statements under another accounting framework not in accordance with Canadian GAAP.
How are PPE measured under Aspe?
The cost of each item of PPE as part of the basket purchase is determined by allocating the total price paid to each item on the basis of its relative acquisition-date fair value.
What is revenue recognition with example?
What is the Revenue Recognition Principle? The revenue recognition principle states that one should only record revenue when it has been earned, not when the related cash is collected. For example, a snow plowing service completes the plowing of a company’s parking lot for its standard fee of $100.
How is revenue recognized under GAAP and IFRS?
Recognize contract revenue based on the value of the contract, the estimated total cost, and the percentage of the contract that has been completed. Through this method, known as the “percentage-of-completion method,” the revenue recognized is proportional to the relative completion of the contract.