As Canadian public companies get ready for the adoption of IFRS, private companies are also facing changes. Update your knowledge with this overview of the AcSB's April 2009 Exposure Draft proposing new Canadian generally accepted accounting principles for private enterprises. The article presents the proposed new sections to the CICA Handbook, changes to existing standards, a list of excluded standards, and the process of transition. It also introduces the six questions on which the AcSB has requested feedback — questions this article should leave you better equipped to answer.