Accounting Update

Course Objective

The objective of the Accounting Update is to provide practitioners and firms with an overview of recent changes to Accounting Standards for Private Enterprises (ASPE) and Accounting Standards for Not-for-Profit Organizations (ASNPO), as well as review the status of projects in 2021.  The course will also review and discuss current exposure drafts and invitation to comment documents.

The course will review common errors found by Practice Inspectors and our experience as Completed File monitors.    

ASPE:

The course will examine recent handbook additions:

Standards issued with effective dates in 2020 and 2021:

The course will examine amendments to the following standards.

·         2021 Annual Improvements

o   s. 1500 First-time adoption

o   s. 1510 Current assets and current liabilities

o   s. 1540 Cash-flow statement

o   s. 3856 Financial instruments.

·         Amendments to

o   s.3051 Investments; and

o   s. 3400 Revenue

o   s.3465 Income taxes

Accounting for revenue and revenue recognition has been a focal point for many years.  The amendments to s. 3400 aim to strengthen the guidance surrounding revenue recognition without adding significant new requirements.   The course will briefly discuss the need for the updating revenue recognition documentation in the file, potentially revising revenue recognition notes and examine common deficiencies found by monitors and inspectors.

Research Projects

·         Financial Statement Concepts

·         Related Party Transactions

ASNPO:

The course will examine active ASPE projects for 2021:

Contributions – Revenue Recognition and Related Matters

This project is reviewing whether improvements are needed relating to the recognition of revenue from contributions. The consultation paper is examining the following types of contributions (i.e. restricted contributions, endowment contributions, pledges, etc.).