ASPE and ASNFPO - Financial Instruments
CPD Hours: 7 |
Overview:
This course provides you with an in-depth review of Section 3856, Financial Instruments for both private enterprises using ASPE and not-for-profit organizations using ASNFPO. The entire standard will be covered, including the guidance for recognition, measurement, presentation, derecognition, hedge accounting and disclosure.
Other items to be covered in this course are as follows:
- An overview including background on the standard, scope, different types of financial instruments, and key definitions
- Recognition, measurement, and impairment of financial instruments for arms-length transactions
- Accounting for derivatives and the basic concepts of hedge accounting
- Discussion of complex issues for financial instruments with related parties, shares in a tax planning arrangement and transfer of receivables
- Financial instruments as debt, equity or hybrid instruments
- Disclosure requirements
- Transitional requirements
- Useful resources
In this course, you will have an opportunity to review several illustrative examples and exercises. A review of in-depth the accounting for financial instruments for both private enterprises and not-for-profit organizations.
Course Content:
In this course, you will gain knowledge about the following topics:
· Introduction and overview
o Purpose and scope
o Examples of financial instruments
o Definitions
· Recognition
· Initial measurement
o Arms-length transactions
o Finance fees and transaction costs
· Subsequent measurement
o Amortized cost
o Fair value
§ How to determine fair value
o Cost
· Impairment
· Derecognition
· Derivatives and hedge accounting
· Complex Issues
o Related party transactions
o Shares issued in a tax planning arrangement
o Transfer of receivables
· Presentation
o Investments
o Substance over form
o Debt, equity or hybrid financial instrument
o Compound financial instruments
o Offsetting
· Disclosure
· First-time adoption
· Resources (with links) will be provided
Learning Objectives:
Upon completing this course, you should be able to:
- Describe the requirements of Section 3856, Financial Instruments for both private enterprises and not-for-profit organizations including recognition, measurement, presentation, derecognition and disclosure
- Describe the alternative measurement methods for financial instruments and their implications on the financial statements
- Account for the impairment of financial instruments
- Account for the initial measurement and presentation for related party transactions
- The initial measurement, subsequent measurement and presentation for shares issued in a tax planning arrangement
- Describe the basic concepts of hedge accounting
- List relevant resources
Who Will Benefit:
Professionals responsible for the accounting, presentation and disclosure of financial instruments using Section 3856 for private enterprises and not-for-profit organizations. In addition, CPAs who want to understand more about accounting for financial instruments in ASPE.
More Information
| Competency | Accounting |
|---|