Training
Accounting and assurance standards – What’s new for 2021-2022

Length: 3 h 30

New training for 2021-2022

Summary

Assurance and accounting standards are constantly evolving, changing the CPA’s responsibility for assurance files and financial statement reporting. These changes are frequent, happen fast and cannot be ignored by practitioners.

Objectives for the day:

  • To identify and understand the changes made to the standards
  • To understand practical applications of these new requirements in the documentation of assurance files
  • To determine the changes required in the financial statements and the impact of applying them in disclosures

Too often, professional inspections criticize practitioners for not being up-to-date on the latest changes. So let’s be proactive with this course.

Agenda

Accounting

  • What’s new:
    • Section 3065 Leases
      • Adjustment for rent concessions during a pandemic
    • Annual improvements to ASPE for 2021
      • Section 1500 First-Time Adoption
      • Section 1510 Current Assets and Current Liabilities
      • Section 1540 Cash Flow Statement
    • Section 4449 Combinations by Not-for-Profit Organizations
      • New section for NPO
      • Criteria for recognition on a merger or acquisition basis
      • Accounting treatments
      • Disclosures
    • Annual improvements to ASNPO for 2021
      • Section 1501 First-Time Adoption
      • Section 3032 Inventories Held by NPO
      • Section 4433 Tangible Capital Assets Held by NPO
      • Section 4460 Disclosure of Related Party Transactions by NPO
  • Deferred application of prior amendments:
    • New Section 3041 Agriculture
      • Agricultural inventories and biological assets
    • Amendment to Section 3400 Revenue
      • Bill and hold arrangements
      • Multiple elements
      • Percentage of completion method

Assurance

  • Section CAS 315 Identifying and Assessing the Risks of Material Misstatement (RMM).
    • Identify new requirements and criteria so that the auditor can assess the appropriate RMM
    • Clarify the definition of significant risk
    • Introduce the concept of a material transaction category and material disclosures
    • Separate the assessment of inherent risk and control risk
    • Have a critical mindset

Last but not least

  • Presentation of the changes made to the Paradigme Questionnaires
  • Discussion of the impact of the changes on the work methodology
  • Comments from the professional inspection
  • Discussion with participants

Inscrivez-vous

Please contact André Mignault at 514-686-7341 to schedule your training.

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