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.

Topics 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

Applicable for

Professionals involved in the preparation of private enterprise financial statements for real estate companies and practitioners who serve private clients in the real estate industry.

Learning Objectives

By the end of this course, participants should 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.

Seminar Leader: Kim Varey

What to Expect

 · This is a Live Virtual Seminar where class size has been limited to allow for an interactive learning environment.

· This seminar will not be recorded.

· Course materials, links and credentials will be emailed to you two business days before the seminar. Once sent, the email will also be found in your Account Communication tab of the CPA Manitoba Member Portal.

· Live webinars have varying levels of expected interaction, and some may require webcam and microphone capabilities – if you have concerns about the interaction required for this course, please email [email protected]

CPA Manitoba PD Terms and Conditions