NOTE: The recording of this training activity was carried out during a training session from a previous season. However, the material that accompanies this webcast is the material for the current year and, therefore, some page numbers may have changed since recording. When listening to and viewing the PowerPoint presentation, it is important to consider references to module sections rather than references to specific pages.

Standards represent one of the more self-contradictory elements of life: while some people condemn standards for controlling and restricting their behavior, others perceive standards as moral and ethical principles that guide their lives. To shed additional light on the topic of standards, this course reviews commonly used sections of Part II Accounting Standards for Private Enterprises (ASPE), and discusses other aspects of the standard. In addition, this course identifies and outlines the accounting policy choices available to management for applying ASPE.

The delivery of material takes an authentic, real-life approach in providing examples and exercises that pertain to newer or more common concepts of accounting used by private enterprises. Other activities focus on areas recent struggles or challenges may have been identified. This course covers ASPE standards that have been changed and have implementation dates in the near future. Finally, it informs participants of current developments in standards that are expected to be introduced during the next year.

The objective of this course is to provide participants with a solid introduction and understanding of ASPE. The course will also cover ASPE standards currently under development that are expected to be introduced during the next year.

LEARNING OBJECTIVES

By the end of this course, participants will be able to:

• Better understanding of the ASPE Standards, in particular areas that are seen commonly in practice
• Become familiar with recent updates to the Standards
• Application of the Standards through selective examples and financial statement presentation and disclosure examples

TOPICS INCLUDE

• Accounting standards framework and general standards
• Financial statement presentation
• Financial statement disclosures
• Inventory
• Financial instruments
• Tangible and intangible assets
• Investments
• Leases
• Income taxes
• Shareholder equity
• Revenue and other expenses
• Other standards
• Sample financial statements
• Note disclosure examples
• Transition guidance (appendix)

Prerequisite Knowledge

Participants should be familiar with the CPA Handbook Accounting Part II.

WHO WILL BENEFIT

Most accounting and tax professionals will acquire substantial gains from this seminar, especially:

• Practitioners seeking a robust and complete review of ASPE
• Accounting and tax professionals working with not-for-profit organizations
• Individuals involved in the not-for-profit sector seeking knowledge of ASPE measurement, recognition, presentation, and disclosure requirements

NOTE: No updates or changes were made to the 2022 version of this course. If you completed the course in 2021, please be advised the 2022 course material has not changed. If you have any questions, please contact pdevents@cpaontario.ca.

Disclosure and presentation is critical to telling the true story of a firm's profit and loss, financial position, and cash flows to users of financial statements. This course reviews the realities and best practices for disclosure and presentation requirements of Part II Accounting Standards for Private Enterprises (ASPE).

The course will start with a basic private enterprise financial statement, showing the common presentation and disclosure requirements and will then build on those statements with additional disclosure and presentation matters. Each disclosure and presentation requirement of ASPE will be reviewed and examples will be provided. This course reviews both basic and more advanced presentation and disclosure requirements, ranging from cash to cash flow; financial instruments to equity instruments; and known to contingent liabilities.

The course will be delivered primarily through discussion of examples with some exercises.

KEY TAKEAWAYS

• Differentiate between the disclosure and presentation requirements within ASPE. Identify the presentation and classification requirements for the balance sheet, income statement, statement of changes in equity and statement of cash flows.
• Determine whether an asset or liability is required to be presented as current or long-term.
• Determine what significant accounting policies require disclosure within the financial statements
• Prepare note disclosures in accordance with Sections 1000 through Section 3870 and related Guidelines in Part II of the CPA Canada Handbook Accounting
• Disclosure requirements provided in Part II of the CPA Canada Handbook Accounting
• Application of professional judgment in developing sufficient disclosure
• Identification of options and policy choices in presentation of financial statements; and Presentation and disclosure requirements in Sections 1000 through Section 3870 in the Guidelines in Part II of the CPA Canada Handbook Accounting.

WHO WILL BENEFIT

Practitioners who serve private enterprise or prepare financial statements for private enterprise.

This course provides an overview of resources available beyond the standards in CPA Canada Handbook Part II (ASPE) for developing accounting policies and note disclosure.

This course provides participants with an overview of resources beyond the ASPE standards for developing accounting policies and note disclosure. The starting point will be a discussion of the accounting hierarchy from S.1100 Generally Accepted Accounting Principles for determining an accounting policy. This is followed by a discussion of specific examples and resources available applying the accounting hierarchy beyond the standard.

Examples of resources include: Accounting Guidelines, supporting documents to the standard e.g. illustrative examples and decision trees, notes from committees and discussion groups e.g. Private Enterprise Advisory Committee, proposed guidance e.g. Exposure Drafts and research papers, education materials and publications from websites and other sources e.g. Financial Reporting and Assurance Standards Canada, CPA Canada, financial statements other companies and guidance standards other accounting bodies e.g. IFRS

Participants will have the opportunity in exercises and case study to complete their own research using these resources. After attending this course, participants will have reviewed resources beyond the standards to assist them in developing accounting policies and drafting note disclosure

TOPICS INCLUDE

• Accounting hierarchy
• Resources beyond standard
• Accounting guidelines
• Supporting documents to standard
• Notes from committees and discussion groups
• Proposed guidance
• Education materials and publications
• Financial statements other companies
• Other accounting bodies
• Exercises and cases for developing accounting policies and note disclosure

LEARNING OBJECTIVES

• Explain the accounting hierarchy
• Apply the accounting hierarchy to scenario
• Identify available resources for a scenario
• Apply accounting framework and identify resources for development of an accounting policy and note disclosure

WHO WILL BENEFIT

CPAs and other professionals who work in financial reporting and related areas using ASPE.