EVENT DESCRIPTION

Formerly Titled: “ASPE & NFPO – Update 2018” which has been replaced with “ASNFPO – Update 2019” and “ASPE – Update 2019”

This seminar will review recent revisions to Part II - Accounting Standards for Private Enterprises (ASPE). Participants will first be provided with an overview of changes to ASPE, followed by specific examples of the implementation of new and revised recommendations. In addition, practical guidance will be provided on selected accounting matters identified by practice advisory and/or practice inspection.

The seminar is best suited to professionals who are involved in the preparation and analysis of financial statements for small- and medium-sized entities, and practitioners who provide assurance on these financial statements, who want to ensure they are aware of recent changes in ASPE standards, and hot topic areas to improve their knowledge. It will also assist these professionals be aware of projects that are being worked on, as well as areas that standard setters are discussing to be aware of potential future changes in the standard.

LEARNING OBJECTIVES:

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

  • Explain how to apply specific high risk (more complex/imminent) ASPE standards for Retractable or Mandatory Redeemable Shares in a Tax Planning Arrangement,
  • Explain the changes in accounting for Related Party Financial Instruments
  • Understand the changes in accounting for agriculture inventory and assets in the agriculture exposure draft
  • Identify changes and improvements in relation to “hot topics” (practice inspection topics, practice advisory)
  • Review matters discussed by Private Enterprise Advisory Committee
  • List relevant publications (with links)

TOPICS INCLUDE:

  • New Handbook Sections
  • retractable or mandatorily redeemable shares issued in a tax planning arrangement
  • accounting for related party financial instruments and significant risk disclosures
  • narrow scope amendment financial instruments
  • income taxes
  • investments
  • agriculture exposure draft
    • consultation on priorities for ASPE
    • revenue - specific items
  • matters discussed by the Private Enterprise Advisory Committee
  • practice inspection topics and other “hot topics”
  • WHO WILL BENEFIT:

    Professionals who are involved in the preparation and analysis of financial statements for small and medium-sized entities, and practitioners who provide assurance on these financial statements.