ASPE - Related Party Transactions (VO)
Using case studies, exercises, and example, increase your understanding of the challenges faced by preparers of ASPE financial statements and practitioners with respect to the recognition, measurement, presentation and disclosure of related party transactions and balances under ASPE.
Watch a qualified CPA instructor teaching the course and access a copy of the same course material that is provided to attendees of an in-person session.
After registering for a Video on Demand course, CPA Saskatchewan will send you information on how to access the course within 2 business days.
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The course addresses the challenges faced by preparers of ASPE financial statements and practitioners with respect to the recognition, measurement, presentation and disclosure of related party transactions and balances under ASPE. The course uses case studies, exercises, and examples to illustrate the numerous and complex issues when accounting for related party transactions.
Accounting for related party transactions is one of the most complicated areas of applying accounting standards for private enterprises (ASPE) and it is an area of accounting regularly cited for deficiencies by practice inspection. The course will cover the new developments in accounting for retractable and mandatorily redeemable shares and accounting for financial instruments in related party transaction resulting from the changes in ASPE 3856.
WHO WILL BENEFIT:
Professionals involved in the preparation of private enterprise financial statements and practitioners who serve private clients with related party transactions.
By the end of this course, participants will be able to:
- Recognize and measure related party transactions – from simple to complicated transactions including amalgamations and property transfers.
- Draft best practice disclosures for related party transactions addressing the concerns of practice inspection.
- Implement the changes to ASPE 3856 for retractable and mandatorily redeemable shares.
- Implement the changes to ASPE 3856 for related party financial instruments.
Topics covered in this course include:
- What is a related party transaction and who are related parties?
- How should related party transactions be measured – at cost, exchange amount or fair value?
- When and how does Section 3856, Financial Instruments apply to related party transactions?
- Should related party financial instruments be classified as current or non-current?
How to assess collectability of related party receivables?
- Should gains and losses on related party transactions recorded in profit and loss or as a capital transaction?
- Disclosure requirements under Section 3840 including the terminology dos and don’ts
- Accounting for business combinations among related parties
- Accounting for amalgamations, wind-ups and other combinations involving related parties
Familiarity with the CPA Handbook – Accounting, Part II Accounting Standards for Private Enterprises (ASPE).