EVENT DESCRIPTION

NOTE: This course description has been revised to include updates to the course material for 2021. If you have any questions, please contact pdevents@cpaontario.ca

SCHEDULE

This course has shifted online into two, half-day sessions.

  • Wednesday, October 27, 2021, 8:30am - 12:30pm
  • Thursday, October 28, 2021, 8:30am - 12:30pm
  • Overview

    This course will serve as a comprehensive review of the presentation and disclosure requirements faced by a not-for-profit organization when it applies ASNFPO and relevant ASPE standards. Participants will review a variety of examples and learn to apply the disclosure requirements for a number of different areas that NFPOs regularly deal with.

    Course Content

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

    • Identify and analyze accounting issues specific to NPOs and determine the appropriate disclosures required
    • Identify where policy choice exists and determine the appropriate level of disclosure required to communicate those choices to the user of the financial statements
    • Interpret facts and scenarios to determine the appropriate presentation and disclosure

    Seminar Content

    • concepts that drive the presentation and disclosure requirements
    • statement of operations presentation and related disclosures
    • statement of financial position presentation and related disclosures, e.g. financial instruments
    • statement of changes in net assets
    • statement of cash flow presentation and related disclosures
    • choosing a presentation methodology and understanding the different methods for accounting for contributions
    • review of sample financial statements using real world examples
    • disclosure of significant accounting policies
    • financial instruments
    • inventories
    • controlled and related entities
    • tangible and intangible capital assets and collections held by a not-for-profit organization
    • employee future benefits
    • other revenues and contributions
    • allocated expenses and interfund transfers
    • related party transactions
    • COVID-19 considerations and Handbook standards to consider
    • ongoing projects and potential impact of changes

    Applicable To

    Professionals at all levels involved in the preparation and review of NFPO financial statements. Government-controlled NFPOs must follow the Public Sector Accounting Handbook, which will not be addressed in this seminar.