EVENT DESCRIPTION

This online seminar is module-based. There are no audio or video components at all. There are no check-in times or a set schedule. You are required to read through each module, and complete a short quiz at the end of each module.

Formerly Titled: “Not-for-Profit Organizations (Private Sector) – A Survey of Standards under Part III of the CPA Handbook”

Organizations that operate in the not-for-profit sector are developing new operational models, increasing in complexity and are seeing an increasing need by financial statement users for transparency and comprehensive information. This course is meant to equip participants with the tools to identify and apply the accounting standards that are most commonly encountered by Not-for-Profit Organizations.

Participants will review the application of accounting standards, with an emphasis on areas where choice exists, that are found in Part III of the CPA Canada Handbook. These standards were drafted with the underlying premise that where transactions and circumstances are the same, there should be no difference in accounting from for-profit entities. As a result, participants will also review and analyze relevant sections of Part II of the CPA Canada Handbook, Accounting Standards for Private Enterprises (ASPE). Participants will learn what choices are available when setting policies, the impacts on disclosure, and participate in activities and exercises to strengthen the knowledge gains throughout this course.

LEARNING OBJECTIVES:

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

  • Identify and analyze accounting issues specific to NPOs
  • Identify and explain where policy choices exist and their impacts on the organization
  • Determine significant issues in which disclosure is required
  • Determine which handbook and standard is relevant in a variety of circumstances
  • Interpret facts and scenarios to determine the appropriate accounting treatment for an organization

TOPICS INCLUDE:

  • Determination of an appropriate accounting framework for an entity
  • Financial Statement Concepts
  • Contributions – Revenue Recognition
  • Contributions Receivable
  • Inventories
  • Employee Future Benefits
  • Financial Instruments
  • Long Lived Assets
  • Reporting Controlled and Related Entities
  • Allocated Expenses
  • Ongoing projects and potential impact of changes

WHO WILL BENEFIT:

Professionals at all levels involved in the preparation and review of NFPO financial statements.