Overview
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Preparation of colsolidated financial statements
14 mins
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Normal operating transactions subsequent to an acquisition
24 mins
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Intercompany balances and transactions
35 mins
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Presentation of consolidated financial statements
50 mins
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Related-party transaction not in the normal course of operations
64 mins
Course Description
ASPE came into effect in Canada in 2011.
It is a change from the previous Canadian GAAP and is in many ways similar to IFRS. However, where International Financial Reporting Standards (IFRS) was intended to be used in Canada by public companies, ASPE was intended as an alternative for private enterprises in Canada. Many of the standards in ASPE provide options for companies that are meant to be simpler to implement and more relevant and adaptable to the size of the business.
This CPD course describes the concepts underlying the application of ASPE (Accounting Standards for Private Enterprises) in preparing general-purpose financial statements for private enterprises and many of the required disclosures.
Consolidated financial statements for private enterprises (ASPE) are designed to meet the common information needs of external users of financial information about a private entity. This CPD course describes what specific rules are used for preparing consolidated financial statements.
This CPD webinar is a resource that will help preparers of financial statements and accounting practitioners in exercising their professional judgment as to the preparation of the consolidated financial statements under ASPE.
In this CPD webinar speaker, Michel Morley outlines an easy-to-understand step-by-step procedure for putting together the consolidated financial statement and examines the many factors that private companies need to carefully consider when implementing ASPE.
Major Topics Covered in this CPD Accounting Webinar:
- Basic concepts, scope, and applicability of ASPE consolidated financial statements rules.
- Planning the approach: financial statement consolidation and decision criteria.
- Sizing up the impacts of consolidated financial statement questions you need to ask.
- Specific rules and provisions for ASPE consolidated financial statement disclosures.
- Limited exceptions permitted in ASPE.
- Disclosure and presentation requirements.
Learning Objectives
- To analyze the latest information regarding consolidated financial statements in ASPE.
- To review the consolidated financial statement requirements for recognition under ASPE.
- To review the consolidated financial statement requirements for measurement under ASPE.
- To review the consolidated financial statement requirements for presentation under ASPE.
- To inspect exceptions permitted in ASPE.
- To discuss the unique disclosure and presentation requirements for the consolidated financial statement disclosures of ASPE.
Recommended For
- This CPD webinar is recommended for CPAs, Accounting, and auditing practitioners at all levels who want to get better insights for preparing consolidated financial statements with adherence to Accounting Standards for Private Enterprises (ASPE).