ASPE - Disclosure and Presentation

Overview: 

This course reviews the financial statement disclosure and presentation requirements under ASPE. This course recognizes that compliance with the ASPE presentation and disclosure requirements requires the use of professional judgment. The solution to meeting the presentation and disclosure requirements is not simply to have a library of “boiler plate” notes to the financial statements, but to develop a process that efficiently uses those examples. The goal is to create financial statements that are in compliance with APE but also useful and understandable to the users of the financial statements. This course provides many examples that can aid in the efficiency of the preparation of financial statements, but also recognizes that each business and the resulting financial statements are different.

This course will review common presentation and disclosure requirements with a focus on those areas where there is judgment, complexity, or prior indications of difficulty. The course will address the issues by starting with a general review of the requirements of ASPE and address the standards that may address many elements, such as the disclosure related to financial instruments and related parties, before looking at specific financial statement elements. The course will address all topics using examples, illustrations and other resources. The examples will provide a valuable resource to help with the preparation and/or review of financial statements prepared in accordance with ASPE. 

This course will provide an opportunity to practice the preparation and review of notes to the financial statements using activities.

Course Content:

In this course, you will gain knowledge about the following topics:

• An overall review of the disclosure and presentation requirements of ASPE
• A review of the general principles and concepts for the preparation of useful financial statements, including disclosures applying professional judgement
• A summary of the accounting policy choices included in ASPE that will impact the presentation and disclosure requirements
• A review of the presentation requirements and related disclosures for specific elements for the 
  • Balance Sheet
  • Income Statement
  • Statement of Changes in Equity, including a discussion on ROMRS
  • Statement of Cash Flows
• A review of other disclosures that may not arise from a financial statement element, such as subsequent events, going concern, contingencies, etc.
• The course will address all requirements of ASPE but will focus on those presentation and disclosure issues that are likely to be common to many financial statements

Learning Objectives:

Upon completing this course, you should be able to: 

• Identify the presentation and classification requirements of ASPE for the balance sheet, income statement, statement of changes in equity and statement of cash flows
• Prepare and/or review common note disclosures in accordance with ASPE

Who Will Benefit: 

This course is designed for preparers of financial statements under ASPE, and for practitioners who serve private enterprises.