For many entities, the majority of items shown in their balance sheet are considered to be financial instruments. As a result, the accounting rules found in Section 3856 of the Accounting Standards for Private Enterprises (ASPE) are among the most common concerns when preparing financial statements.
Making this topic even more important is the fact that significant rule changes will take place beginning in 2020 in the areas of:
• Retractable or mandatorily redeemable shares issued in a tax-planning arrangement, and
• Financial instruments in a related party transaction
This course has two major objectives:
• Provide an in-depth refresher of the continuing requirements under Section 3856 of:
- The initial measurement of financial instruments
- Accounting for transaction costs and financing fees
- Subsequent measurement of financial instruments at balance sheet dates
- Impairment symptoms required analysis and accounting
- Accounting for hedge contracts
- Disclosure requirements
• Provide detailed information concerning the two major areas of change described above for 2020 including their impact on comparative figures
Included in the presentation will be a number of practical examples to reinforce the standards being described. Also, recent common practice inspection weaknesses found regarding financial instruments will be noted throughout the course.