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Canada Accounting Standards – Private Enterprises (ASPE) – First-time adoption

  • Accountant
  • CPA (CA)
  • CFE
  • CGFM
  • CIA
  • CMA
  • IAP
  • QIAL

Published: September, 2022

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  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description


  • Date of transition to ASPE
    7 mins
  • Not applied retrospectively
    19 mins
  • Cumulative translation differences
    29 mins
  • Initial franchise fees
    54 mins
  • Indirect guarantee of indebtedness of another party
    69 mins
  • Determination of whether an enterprise is an investment company
    79 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 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 webinar describes the concepts underlying the development and use of generally accepted accounting principles in general purpose financial statements for private enterprises in Canada for the first time.

Financial statements for Canadian private enterprises are designed to meet the common information needs of external users of financial information about an entity.

In this CPD webinar speaker, Michel Morley describes what is ASPE, and its sources, and what specific rules are used for first adopting ASPE.

This CPD course is a resource that will help preparers of financial statements and accounting practitioners in exercising their professional judgment as to the first-time implementation of ASPE.

Attendees of this CPD webinar will learn the easy-to-understand step-by-step procedure for first-time adoption and they will also examine 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. 
  • Planning the approach: accounting policies and decision criteria.
  • Sizing up the impacts of implementation: questions you need to ask.
  • Specific rules and transitional provisions for first-time adoption of ASPE.
  • ASPE recognition criteria.
  • Limited exceptions are permitted upon first-time adoption.
  • Setting up the opening ASPE balance sheet.
  • Disclosure and presentation requirements.
  • Notes to ASPE financial statements.

Learning Objectives

  • To discuss the latest information regarding the first-time adoption of ASPE.
  • To analyze the overall ASPE guidance on accounting and reporting for private enterprises.
  • To discuss how to apply ASPE first-time adoption rules and exceptions.
  • To analyze how to be able to build the initial ASPE balance sheet.
  • To review the recognition, measurement, and presentation needs under ASPE.
  • To look at disclosure and presentation requirements.
  • To write the appropriate Notes.
  • To inspect the unique disclosure and presentation requirements of ASPE first-time adoption.

Recommended For

  • This CPD webinar is recommended for CPAs, Accounting, and auditing practitioners at all levels who want to understand everything about the First-time adoption of Canada Accounting Standards for Private Enterprises (ASPE).

Who Should Attend?

  • Accountant
  • Accounting and audit managers/practitioners
  • Accounting Firm
  • Accounting Managers
  • Accounting Practice Owners
  • Accounts Director
  • Auditors
  • Business Owner
  • CFO/Controller
  • Chartered Accountant
  • Chief Accounting Officer
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • CPA in Business
  • Entrepreneurial CPA
  • Staff of Accounting Firm
  • Young CPA

Course Qualification

Webinar Qualifies For

  • 2 General Credit of Accounting for Accountant/Bookkeeper/Tax Professionals
  • 2 CPD Credit of Financial Reporting for Chartered Professional Accountant (CPA Canada)
  • 2 CPE Credit of Financial Accounting for Certified Internal Auditors (CIA)
  • 2 CPE Credit of Accounting for Internal Audit Practitioner (IAP)
  • 2 CPE Credit of Accounting for Qualification in Internal Audit Leadership (QIAL)
  • 2 CPE Credit of Accounting for Certified Fraud Examiner (CFE)
  • 2 CPE Credit of Financial Reporting for Certified Management Accountants (CMA)
  • 2 CPE Credit of Accounting for Certified Government Financial Manager (CGFM)

Additional details

  • Course Level :
  • Credits :
  • Instructional Method :
    QAS Self Study
  • Pre-requisites :
  • Advance Preparation :


About Presenter

Michel Morley

Founder, Mike Morley

Mike Morley is a Certified Public Accountant and a recognized authority in the field of finance with more than 25 years experience in finance, including SOX and IFRS implementation.

An entertaining and informative speaker and trainer, Mike is the author of:

“IFRS Simplified” which provides a jump start for accountants and finance executives who want to quickly and easily get up to date on IFRS.

 “Sarbanes-Oxley Simplified” which is an easy-to-read explanation of the requirements of the U.S. legislation that makes CEO's & CFO's personally responsible for the accuracy of their company's financial statements.

“Financial Statement Analysis Simplified” which translates the accounting language of financial statements into clear, easy-to-understand terms that anyone who needs to make well-informed financial decisions quickly will appreciate.


FAQs content

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