This course addresses the disclosure and presentation requirements of CPA Canada Handbook-Accounting, Part II – Accounting Standards for Private Enterprises (ASPE) in the preparation and review of financial statements for less complex enterprises. The course will include numerous examples and activities related to the presentation matters related to the preparation of the balance sheet, income statement, statement of changes in equity and the notes to the financial statements.

This course addresses the financial statement disclosure and presentation requirements under ASPE. Compliance with ASPE presentation and disclosure requirements requires the use of professional judgement. The solution to meeting the presentation and disclosure requirements is to not simply have a library of “boiler plate” notes to the financial statements but to develop a process that efficiently uses those examples. The goal is to create financial statements that are in compliance with the standards but also useful and understandable to the users of the financial statements. This course provides many examples that can aid in the efficiency of the preparation of financial statements, but also recognizes that each business and the resultant financial statements are different.

This course will review common presentation and disclosure requirements with a focus on those areas where there is judgment, complexity or prior indications of difficulty. The course will address the issues by starting with a general review of the requirements of ASPE and address the standards that may address many elements, such as the disclosure related to financial instruments and related parties, before looking at specific financial statement elements. The course will address all topics using examples, illustrations and other resources. The examples will provide a valuable resource to help in the preparation and/or review of financial statements prepared in accordance with ASPE.

The course will provide an opportunity to practice the preparation and review of notes to the financial statements using activities.

The course will address all requirements of ASPE but will focus on those presentation and disclosure issues that are likely to be common to many financials statements.

Topics Include:

• A review of the disclosure and presentation requirements of ASPE using the Handbook and checklists.
• A review of the general principles and concepts for the preparation of useful financial statements, including disclosures applying professional judgement.
• A summary of the accounting policy choices included in ASPE that will impact the presentation and disclosure requirements.
• A summary of ASPE standards that have implications on various elements of the financial statements, including financial instruments and related party disclosures.
• A review of the presentation requirements and related disclosures for specific elements for the 
  • Balance Sheet
  • Income Statement
  • Statement of Changes in Equity, including a discussion on ROMRS
  • Statement of Cash Flows
• A review of other disclosures that may not arise from a financial statement element, such as subsequent events, going concern, contingencies, etc.
• Specific Topics, for example, presentation and disclosure requirements for first time adoption of ASPE.

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 should be able to:

• Identify the presentation and classification requirements of ASPE for the balance sheet, income statement, statement of changes in equity and statement of cash flows.
• Prepare and/or review common note disclosures in accordance with ASPE.