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ASPE – Related party transactions

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  • A webinar is a live training activity which you must attend at the date and time indicated. You may access the training platform in your online file 7 days before the date of the webinar. We strongly recommend that you log in to the platform before the date of the webinar and follow the instructions in step 3 of your training path beforehand in order to test your computers’ configuration and prevent any connexion problems during your training activity.
  • Web conferences, web interviews, interactive training activities, webcasts and online training activities are recorded training activities. They can be accessed at all times after their availability date.

General objective

This training activity is designed to address the challenges faced by preparors of ASPE financial statements and practitioners with respect to the recognition, measurement, presentation and disclosure of related party transactions and balances under ASPE. This training activity uses case studies, exercises and examples to illustrate the numerous and complex issues when accounting for related party transactions.

Context

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. Now there are new developments with changes to ASPE 3856 accounting for retractable and mandatorily redeemable shares and accounting for financial instruments in related party transactions.

Objectives

By the end of this training activity, 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

  • What is a related party party transaction and who are related parties?
  • How should related party transactions be measured – at cost, exchange amount or fair value?
  • When 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

Target audience

This training activity will benefit professionals involved in the preparation of private enterprise financial statements, and practitioners who serve private clients with related party transactions.

Prerequisite

Participants should be familiar with the CPA Handbook – Assurance, Part II Accounting Standards for Private Enterprises (ASPE).

Description complète


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