This course reviews the standards in Part II – Accounting Standards for Private Enterprises (ASPE). It identifies and outlines commonly seen topics, including the accounting policy choices available to management for applying ASPE.

This course reviews commonly used sections of Part II – Accounting Standards for Private Enterprises (ASPE), and discusses other aspects of the standard. In addition, this course identifies and outlines the accounting policy choices available to management for applying ASPE.

The delivery of material takes an authentic, real-life approach in providing examples and exercises that pertain to newer or more common concepts of accounting used by private enterprises. This course covers ASPE standards that have been changed and have implementation dates in the near future. Finally, this course aims to provide participants with a solid introduction and understanding of ASPE.

Topics Include:

• Accounting standards framework and general standards
• Presentation of current assets and liabilities
• Cash flow statement 
• Related party disclosure
• Subsequent events
• Contingencies and commitments
• Economic dependence
• Guarantees
• Disposal of long-lived assets and Discontinued operations
• Shareholder equity
• Inventory
• Financial instruments
• Property, Plant and Equipment, Goodwill and Intangible Assets
• Impairment of long-lived assets and goodwill
• Asset Retirement Obligations
• Investments
• Leases
• Income taxes
• Revenue recognition
• Other less frequently used standards
• Sample financial statements
• Note disclosure examples

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:

• Better understand the ASPE Standards in particular areas that are seen commonly in practice.
• Have awareness of recent updates to the Standards.
• Apply the Standards by gaining knowledge through the course’s examples of accounting treatments and financial statement presentation and disclosure.