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 2017 exposure drafts and invitation to comment documents
The course will also examine the changes to the Code of Professional Conduct, focusing on key elements of rule 204, Independence.
There have been no significant changes to ASPE for 2017. The course will examine the limited scope amendments in the 2017 Annual Improvements as well as the status of key projects and exposure drafts:
• Redeemable Preferred Shared Issued in a Tax Planning Arrangement
The course will also examine the proposed amendments to Financial Instruments in the Exposure Draft to me issued in the last quarter of 2017, which proposes changes to the scope of related party transactions and measurement of related party compound financial instruments and disclosure.
There were no changes to ASNPO in 2016 and there will likely not be any for 2017. The most significant changes to ASNPO were proposed in the Exposure Draft issued in February 2017, which examines changes to:
• Tangible capital assets and intangible assets
The course will also briefly examine the status of current projects:
• Contributions – Revenue and related matters
• Reporting Controlled and Related Entities by NFP Organizations.
Code of Conduct:
The Rules of Professional Conduct were replaced by the Code of Professional Conduct by the CPAO in 2016 to harmonize the rules across the Provinces and Territories. This course will review the key rules and related guidance (i.e. council interpretations)
The course will use case study examples to illustrate issues that arise and how they could be documented in the file. Since approximately 50% of the ROPC deal with independence, the focus of the session will be on Rule 204.
Key topics include:
• Review of the revised rule 204 Independence and related guidance.
• Discussion and implication of key requirements:
• Case study examples: addressing and documenting threats to independence
• Sample documentation of how threats were mitigated.