ASNFPO - Review of the Standards
CPD Hours: 7 |
Note: The Live Virtual course is presented in collaboration with CPABC. The content is applicable to all participants. If you have questions regarding this course, please contact pdregistration@cpaalberta.ca
Overview:
Organizations that operate in the not-for-profit sector are developing new operational models, increasing in complexity and are seeing an increasing need by financial statement users for transparency and comprehensive information. This course is meant to equip you with the tools to identify and apply the accounting standards that are most commonly encountered by Not-for-Profit Organizations.
You 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, you will also review and analyze relevant sections of Part II of the CPA Canada Handbook, Accounting Standards for Private Enterprises (ASPE). You 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.
Course Content:
In this course, you will gain knowledge about the following topics:
- 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
Learning Objectives:
Upon completing this course, you should 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
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 course NFPO & Registered Charities – Accounting & Taxation. Government-controlled NFPOs must follow the Public Sector Accounting Handbook, which will not be addressed in this course.
More Information
| Competency | Accounting |
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