ASPE - Update

Overview: 

You will gain a clear understanding of recent and upcoming updates to Accounting Standards for Private Enterprises (ASPE). The course highlights standard changes effective in 2026 and beyond, as well as key areas currently under review by the AcSB.

You will also explore areas where financial statement preparers and practitioners commonly encounter challenges, supported by practical examples that reflect issues outlined across modules in the course materials.

Course Content:

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

• Recent amendments to ASPE, including agriculture and related party combinations under common control
  
• Accounting guideline AcG-21 Insurance Contracts With Cash Surrender Value
  
• Exposure draft and Consultation Paper impacting future ASPE requirements, Exposure Draft - Relief from Recognition of Acquired Intangible assets and Amortization of Goodwill and Consultation Papers – Advancing Accounting Standards Together 2027-2032 Draft Strategic Plan and
• Detailed Review of Accounting Standards for Private Enterprises (ASPE)
  
• Active AcSB projects impacting future ASPE requirements, such as 2026-2027 package of minor amendments, derecognition of financial liabilities, financial statement concepts and guidance framework
  
• Common ASPE deficiencies and current “hot topics,” including classification issues, revenue considerations, risk disclosures, and the accounting implications of economic uncertainty
  

Learning Objectives:

Upon completing this course, you should be able to:

• Apply and explain new and revised ASPE standards that take effect in 2026 and beyond
  
• Describe implications of Exposure Drafts, Consultation Papers and developments in other projects
  
• Identify improvements related to common deficiencies observed in ASPE financial statements
  
• Locate and use relevant publications and resource materials that support the application of ASPE
  

Who Will Benefit:

• Professionals involved in preparing or analyzing financial statements for small- and medium-sized entities
  
• Practitioners who provide assurance services on ASPE financial statements