The objective of the Accounting 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 projects in 2019. The course will also review and discuss current exposure drafts and invitation to comment documents.
The course will review common errors found by Practice Inspectors and our experience as Completed File monitors.
The course will examine recent handbook additions:
Standards issued in 2018:
• s.3856 Financial Instruments, relating to redeemable Preferred Shared Issued in a Tax Planning Arrangement and related amendments;
• s.1591 Subsidiaries; and
• s.3251 Equity
Standards to be issued in 2019:
• The new standard for agriculture;
• Amendments to s.3465 Income taxes; and
• Amendments to s.3051 Investments.
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. The course will briefly discuss the need for the updating revenue recognition from 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. An exposure draft is expected in Q4 2019.
The course will examine recent handbook additions, as well as the two active projects on combinations and contributions for 2019.
We will briefly review the standards issued in 2018:
• Section 4433, Tangible capital assets held by not-for-profit organizations
• Section 4434, Intangible assets held by not-for-profit organizations
• Section 4441, Collections held by not-for-profit organizations
The course will review the on-going projects of the Accounting Standards Board relating to Accounting Standards for Not-for-Profit Organization for 2019. Specifically, we will review:
Combinations – Initial Measurement and Related Disclosures
The project is examining guidance needed beyond ASPE s. 1582 Business Combinations, as it relates to mergers and acquisitions of not-for-profit organizations.
Contributions – Revenue Recognition and Related Matters
This project is reviewing whether improvements are needed relating to the recognition of revenue from contributions. The consultation paper is examining the following types of contributions (i.e. restricted contributions, endowment contributions, pledges, etc.).