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DL22230211
Recorded: October 2021
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Participants will review the application of accounting standards, with an emphasis on areas where choice exists, that are found in Part III of the CPA Canada Handbook. These standards were drafted with the underlying premise that where transactions and circumstances are the same, there should be no difference in accounting from for-profit entities. As a result, participants will also review and analyze relevant sections of Part II of the CPA Canada Handbook, Accounting Standards for Private Enterprises (ASPE). Participants will learn what choices are available when setting policies, the impacts on disclosure, and participate in activities and exercises to strengthen the knowledge gains throughout this course.
LEARNING OBJECTIVES
By the end of this course, participants will be able to:
- Identify and analyze accounting issues specific to NPOs
- Identify and explain where policy choices exist and their impacts on the organization
- Determine significant issues in which disclosure is required
- Determine which handbook and standard is relevant in a variety of circumstances
- Interpret facts and scenarios to determine the appropriate accounting treatment for an organization
CONTENT
- Determination of an appropriate accounting framework for an entity
- Financial Statement Concepts
- Contributions – Revenue Recognition
- Contributions Receivable
- Inventories
- Employee Future Benefits
- Financial Instruments
- Long Lived Assets
- Reporting Controlled and Related Entities
- COVID-19 considerations and Handbook standards to consider
- Allocated Expenses
- Ongoing projects and potential impact of changes
WHO WILL BENEFIT
Professionals at all levels involved in the preparation and review of NFPO financial statements. Those involved in larger NFPOs may prefer to attend the seminar NFPO & Registered Charities – Accounting & Taxation. Government-controlled NFPOs must follow the Public Sector Accounting Handbook, which will not be addressed in this seminar.
CPD-7 Hours