Dates and location
Pricing
Hours
Dates and location
Pricing
Hours
Description
This course addresses challenges faced by preparers of ASPE financial statements and practitioners with respect to the recognition, measurement, presentation, and disclosure of revenue transactions under ASPE.
Revisions to ASPE 3400 have been adopted effective for fiscal years beginning January 1, 2022. These changes address issues identified by preparers of ASPE financial statements, practitioners, and other stakeholders and other challenges in the accounting for revenue. This course offers a comprehensive review of the principles of revenue recognition under ASPE with illustrations and examples of common revenue arrangements, including the sale of goods and services in various industries.
Topics Include:
- Identifying units of account for a sales arrangement and combining sales arrangements
- Multiple element arrangements
- Percentage of completion vs. Completed contract, specifically in the construction industry
- Upfront non-refundable fees, including a discussion of the deferral of the guidance on this topic
- Bill and hold arrangements
- Presenting revenue gross vs. Net
- Disclosure requirements
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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Key Takeaways
By the end of this course, participants should be able to:
- Evaluate what the revenue arrangement (units of account) is and whether the arrangement should be combined and include multiple elements.
- Determine how revenue should be recognized.
- Measure the allocation of revenue to multiple-element arrangements.
- Evaluate whether revenue can be recognized without delivery (i.e., bill and hold arrangements).
- Draft appropriate note disclosures to address revenue recognition.
Who Will Benefit
Professionals involved in the preparation of private enterprise financial statements and practitioners who are particularly interested/involved in revenue recognition issues.
Prerequisite(s)
Participants should be familiar with the CPA Handbook – Assurance and Part II Accounting Standards for Private Enterprises (ASPE).
How to Access the Course
This is an online session. This course is available 24 hours a day, 7 days a week. Once registered, you can access the material at any time.
However, you will only have access to the course for 90 days after REGISTRATION.
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To access the course on your computer please visit our BlackBoard site, and log-in using the same login and password used for the Registration Portal.
Please allow up to 15 minutes after registration for the course to appear on your BlackBoard page.
Registration, cancellation, withdrawal and all other CPA Ontario PD policies can be found here.