Course: Accounting Update

The objective of the Accounting and Code of Conduct Update is to provide practitioners and firms with an overview of recent changes to Accounting Standards for Private Enterprises (ASPE) and Accounting Standards for Not-for-Profit Organizations (ASNPO), as well as review the status of current projects; upcoming 2018 exposure drafts and invitation to comment documents


The course will also examine common errors found by Practice Inspectors and in our experience as Completed File monitors.


ASPE:
The course will examine the limited scope amendments in the 2017 Annual Improvements as well as the status of key projects and exposure drafts:
• Agriculture
• Redeemable Preferred Shared Issued in a Tax Planning Arrangement
The course will also examine the proposed amendments to the Financial Instruments Exposure Draft, “Accounting for Related Party Financial Instruments and Significant Risk Disclosures” issued in October 2017. Amendments to s.3856 Financial Instruments are expected to be released in the last quarter of 2018.
Accounting Standards board has also decided that revenue is one of its priorities for ASPE and is examining issues raised by stakeholders with respect to s. 3400 Revenue. This review will examine retaining the current risks-and-rewards model versus a control-based model derived from the concepts in IFRS 15 Revenue from Contracts with Customers in Part I of the Handbook. The course will discuss the status of the project and any proposed amendments as information becomes available.


ASNPO:

There were no changes to ASNPO in 2017 and there will likely not be any for 2018. As part of their on-going project on Accounting Standards Improvements for Not-for-Profit Organizations, the board outlined key Principles for not-for-profit organizations and is examining proposals relating to the accounting for:
• Tangible capital assets and intangible assets
• Collections
The course will also briefly examine the status of current projects:
• Contributions – Revenue and related matters
• Reporting Controlled and Related Entities by NFP Organizations.