This course is for participants who want to keep up with accounting standard changes and projects. It will review recent revisions to Part II - Accounting Standards for Private Enterprises (ASPE), starting with an overview of the changes, followed by specific examples detailing their implementation. In addition, participants will receive practical guidance on common deficiencies in ASPE financial statements.

The course is best suited to professionals who are involved in the preparation and analysis of financial statements for small- and medium-sized entities, and practitioners who provide assurance on these financial statements, who want to ensure they are aware of recent changes in ASPE standards and other hot topic areas. It will also create awareness of potential future changes in the standards by covering projects that are being worked on, as well as areas that standard setters are discussing.

Topics Include:

• Cash surrender value of insurance contracts.
• Cloud computing arrangements.
• Related party combinations.
• Upfront non-refundable fees.
• Subsequent measurement of goodwill and acquired intangible assets.
• Status of AcSB projects (scaling the standards, financial statement concepts).
• Common deficiencies in ASPE financial statements and other “hot topics” including practical examples that practitioners and financial statement preparers may encounter.

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:

• Apply and explain new ASPE standards with effective dates in 2024 and beyond.
• Identify changes and improvements in relation to “common deficiencies”.
• Locate relevant publications (with links).