Accounting Standards for Private Enterprises

ASPE 3065 Lease Accounting Solution

Compliance, Simplified

Features of Black Owl Systems' ASPE 3065 Software

Black Owl Systems is here to simplify your lease accounting process with the most robust and intuitive ASPE 3065 lease accounting software. Understanding and keeping track of the Accounting Standards for Private Enterprises (ASPE) can be overwhelming, especially with the frequent amendments. With Black Owl Systems, both the lessee and the lessor can stay updated and comply with Section 3065 Leases in the CPA Canada Handbook seamlessly.

ASPE 3065

Capital Lease

A capital lease, under ASPE 3065, is when substantially all risks and benefits of ownership are transferred to the lessee. It is recognized as an asset and liability by the lessee.

Accounting by Lessee

The lessee records the leased asset at the lower of the fair value or the present value of minimum lease payments. A lease obligation is recorded for lease payments. The asset is depreciated over its useful life, and interest is recognized on the lease obligation.

Accounting by Lessor

The lessor recognizes a lease receivable and removes the asset from its books. It recognizes the interest income over the lease term.

ASPE 3065

Operating Lease

Operating leases don’t transfer substantially all the benefits and risks of ownership. The lessee records the lease payments as an expense on a straight-line basis over the lease term.

Accounting by Lessee

For operating leases, the lessee records lease payments as an expense over the lease period.

Accounting by Lessor

The lessor keeps the leased asset on its books and recognizes lease income over the lease term.

Lease Entry


Black Owl's lease entry is designed to be user-friendly, with a simple interface and intuitive navigation, making it easy to input and manage lease data in minutes.

Lease Change

Lease Modifications and Reassessments

Effortlessly make lease modifications and reassessments into a streamlined process, enhancing efficiency, reducing errors, and improving overall lease management.

Retroactive Adjustments

Manage lease changes with ease for both current and retroactive periods maintaining strong audit trails.


Disclosure Reports

Black Owl's system provides complete disclosure reports that meet accounting standards and comply with lease disclosure requirements.

Customizable Lease Hub

Create and save ad-hoc reports based on unique fields. Create reports of upcoming and past critical dates. Easy to copy and paste into Excel.

Lease Accounting

ASPE Vs. IFRS: The Primary Difference

The primary difference between ASPE and IFRS is how they classify and record leases. ASPE distinguishes between capital and operating leases. However, IFRS classifies most leases as ‘right-of-use’ assets, which means both types are effectively accounted for as capital leases under ASPE.

Recording a Lease in Accounting

For capital leases, lessees record an asset and a liability at the present value of the minimum lease payments. For operating leases, lessees account for the lease payments as an expense.

Key Changes in ASPE 3065

ASPE 3065 has undergone several amendments to address issues such as:

  • Lease modifications and rent concessions due to unforeseen circumstances.
  • Providing clarity on determining the lease term, which may include periods covered by options to extend or terminate the lease.
  • Guidance on accounting treatment for initial direct costs.


These changes aim to provide relief and address the possible assurance implications for private enterprises.

ASPE 3065

ASPE 3065 Lease Accounting Software Features

Variable Costs

Variable cost lease agreements can be tracked and units consumed updated in our easy to use month-end close step.


Easily create and track sublease agreements, including multiple levels of subleases.

Mass UpLoads

Mass load template with built-in validations for master data and lease information.

Data security

Black Owl's system provides world-class enterprise security measures to ensure that lease accounting data is protected.


Black Owl Lease provides a simple and innovative data entry screen for new leases

Excellence in Lease Accounting

Reach out to us for a personalized approach to simplifying your lease accounting journey.

Connect With Us

Discover How We Can Meet Your Lease Accounting Needs.

Discovery Call

Let's schedule a discovery call to delve into your specific needs and challenges

Explore our Solution

Contact us now to embark on a transformative journey for your lease accounting processes.

Get Free Demo

Fill out this form and we will be in contact with you as soon as possible. 


Frequently Asked Questions

What is ASPE lease accounting?

ASPE lease accounting refers to the accounting treatment of leases as outlined by the Accounting Standards for Private Enterprises (ASPE) in Canada. It categorizes leases into capital and operating leases, each having different accounting treatments.

What is the difference between a capital lease and an operating lease under ASPE?

A capital lease transfers substantially all the risks and benefits of ownership from the lessor to the lessee. An operating lease, on the other hand, does not significantly transfer the benefits and risks associated with ownership.

What is a lease term under ASPE lease accounting?

A lease term under ASPE lease accounting is the non-cancellable period for which the lessee has contracted to lease the asset together with any further terms for which the lessee has the option to continue the lease.

How are lease modifications treated under ASPE lease accounting?

Lease modifications under ASPE lease accounting are usually treated as new leases from the date of modification. However, minor modifications are typically accounted for as a change in accounting estimates.

What are the financial statement disclosure requirements for ASPE lease accounting?

ASPE lease accounting requires disclosures related to the nature and extent of leases, including a general description of significant leasing arrangements, future minimum lease payments, total contingent rents, and lease and sublease income.