October 2025 Consultation Paper Update

Consultation Paper – Detailed Review of Accounting Standards for Private Enterprises

The Accounting Standards Board (AcSB) issued a consultation paper in September 2025. The AcSB’s objective of the Detailed Review of ASPE project is to simplify the application of the standards while maintaining the decision-usefulness of the financial statements for entities of all sizes and complexities.

Through this Consultation Paper, the AcSB aims to identify the most complex ASPE requirements, where the cost/benefit threshold is not met, and the issue is pervasive among private entities. The Consultation Paper outlines the issues heard to date and proposes practical solutions to simplify the standards, with a focus on benefiting smaller entities. The AcSB will prioritize each of the proposed solutions and use the assessment results to help shape future work plans.

Comments are requested by January 31, 2026. Feedback can be provided by written response or by participating in online surveys, which will go live later in the consultation period.

To learn more:

• Read the AcSB’s In Brief, a plain and simple overview of the Consultation Paper
• Access our webinar on demand

Check out CPA Ontario’s knowledge hub and resources web page regularly to stay up to date on the latest developments.