This course will review recent and proposed revisions to Part III - Accounting Standards for Not-for-Profit Organizations (ASNFPO) and Part II – Accounting Standards for Private Enterprises (ASPE) where applicable for NFPOs.

This course will provide an information update on recent revisions to the CPA Canada Handbook –Part III, Accounting Standards for Not-for-Profit Organizations (ASNFPO). In addition, revisions will be discussed to Part II, Accounting Standards for Private Enterprises (ASPE) where they are applicable to NFPOs.

Participants will first be provided with an overview of changes to ASNFPO, followed by discussion of major projects and impact on NFPOs. Then the revisions and projects in ASPE are discussed that are applicable to NFPOs.

Participants will be able to utilize this information on proposed changes to the standards to provide guidance to NFPOs and board members.

The course is best suited to professionals who are involved in the preparation and analysis of financial statements using ASNFPO, practitioners who provide assurance on these financial statements and CPA’s who volunteer on Boards for NFPOs.

Topics Include:

ASNFPO

• Exposure Draft
  • Contributions Revenue Recognition and Related Matters
  • Insurance Contracts with Cash Surrender Value
• Consultation Paper
  • Scaling the Standards
• Projects
  • Evaluating the Preface
  • Financial Statement Concepts
  • Reporting Controlled and Related Entities
• Matters NFPO Advisory Committee

ASPE (where relevant NFPOs)

• Exposure Draft
  • Revenue-Upfront Non-refundable Fees or Payments

NOTE: This course description has been revised and reflects updates for 2024. If you have any questions, please contact pdevents@cpaontario.ca.

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

• Explain implications of Exposure Draft - Contributions - Revenue Recognition and Related Matters, Insurance Contracts with Cash Surrender Value and Revenue - Upfront Non-refundable Fees or Payments.
• Explain developments other projects Evaluating the Preface, Financial Statement Concepts, Reporting Controlled and Related Entities and Consultation Paper Scaling the Standards.
• Summarize future developments in ASNFPO. 
• Review matters discussed by Not-For-Profit Advisory Committees.
• List relevant publications (with links).