Revisions to ASPE 3400 have been adopted effective for fiscal years beginning January 1, 2022. These changes address issues identified by preparers of ASPE financial statements, practitioners and other stakeholders and other challenges in the accounting for revenue. This course offers a comprehensive review of the principles of revenue recognition under ASPE with illustrations and examples of common revenue arrangements, including the sale of goods and services in various industries
Applicable for:
Professionals involved in the preparation of private enterprise financial statements and practitioners who are particularly interested/involved in revenue recognition issues.
Prerequisites - Knowledge, Experience or Courses
Participants should be familiar with the CPA Handbook – Accounting, Part II Accounting Standards for Private Enterprises (ASPE).
Learning Objectives
By the end of this course, participants should be able to:
- Evaluate what the revenue arrangement (units of account) is and whether the arrangement should be combined and include multiple elements
- Determine how revenue should be recognized
- Measure the allocation of revenue to multiple-element arrangements
- Evaluate whether revenue can be recognized without delivery (i.e., bill and hold arrangements)
- Draft appropriate note disclosures to address revenue recognition
Content
The topics in this seminar include:
- Identifying units of account for a sales arrangement and combining sales arrangements
- Multiple element arrangements
- Percentage of completion vs. completed contract, specifically in the construction industry
- Upfront non-refundable fees, including a discussion of the deferral of the guidance on this topic
- Bill and hold arrangements
- Presenting revenue gross vs. net
- Disclosure requirements
Seminar Leader: Jane Bowen
Presented by PD Partner: CPA Pro
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