Model Financial Statements – Private Enterprises – Part II of the CPA Canada Handbook – Accounting
Auteur : Ordre des comptables professionnels agréés du Québec
Latest edition: October 2020
The Model Financial Statements – Private Enterprises – Part II of the CPA Canada Handbook – Accounting are intended to serve as a guide for accountants and other professionals involved in preparing financial statements in accordance with the Accounting Standards for Private Enterprises (ASPE) in Part II of the CPA Canada Handbook – Accounting. The 2020 edition of these models takes account of ASPE issued up to June 2020. It also takes account of amendments that apply to periods beginning on or after January 1, 2020, except for the following additional examples of notes and financial statement presentation related to (early) application of the amendments to Section 3856, Financial Instruments, which apply for fiscal years beginning on or after January 1, 2021:
- 1.21 B – Accounting changes – Initial application – Early application
- 1.21 B.1 – Retractable or mandatorily redeemable shares issued in a tax planning arrangement
- 1.21 B.2 – Financial instruments originated or exchanged in a related party transaction
- 2.22 C.2 – Equity – Specific cases – Retractable or mandatorily redeemable shares issued in a tax planning arrangement – After the amendments to Section 3856
- 3.11 E.2, F.2 and G.2 – Related party transactions – Transfer in exchange for retractable shares issued in a tax planning arrangement – After the amendments to Section 3856
- 3.12 C.2 – Business restructuring – Share exchange for retractable shares issued in a tax planning arrangement – After the amendments to Section 3856
Section 4 of the Additional Examples of Notes and Financial Statement Presentation provides examples of notes specific to the COVID-19 pandemic.
Update – June 2020
See the update for details.
This tool is divided into two parts. The first part provides an analysis of ASPE based on financial statement structure (assets, liabilities, revenue, etc.). Each analysis highlights new developments and provides a summary of the recognition and measurement requirements, key financial statement presentation and disclosure requirements, and practical cases.
The second part includes four separate sets of model financial statements, as well as a section providing additional examples of notes and financial statement presentation for specific situations. An index presents all the examples of notes and presentation illustrated in the second part, grouped by ASPE section.
The model financial statements are accompanied by illustrative independent auditor’s reports and independent practitioner’s review engagement reports, along with appropriate references to ASPE presentation and disclosure requirements.
The first model illustrates the consolidated financial statements of an entity that has been applying ASPE for more than two fiscal years. The second model illustrates the non-consolidated financial statements of a management company. The last two models illustrate financial information to be presented in consolidated financial statements by first-time adopters of ASPE (including the reconciliation of the opening balance sheets in accordance with Section 1500, First-Time Adoption). They respectively present comparative information as corresponding figures as well as the impact on the financial statements and the notes thereto when financial information is presented instead as comparative financial statements.
- Model A: Consolidated financial statements for entities that already apply ASPE
- Model B: Non-consolidated financial statements for entities that already apply ASPE
- Additional Examples of Notes and Financial Statement Presentation
- Model C: Financial statements for first-time adopters of ASPE
- Model D: Details of comparative information on first-time adoption of ASPE
CPAs in public practice and CPAs in business/industry
Available in French
États financiers modèles – Entreprises à capital fermé – Partie II du Manuel de CPA Canada – Comptabilité