Financial Reporting Issues
Applying IFRS Accounting Standards and ASPE judgment to complex, real-world reporting situations, following one invented TSX-listed food manufacturer through its 2026 year end: professional judgment, materiality and IAS 8 errors and restatements, IFRS 18 presentation and its 2027 transition, management-defined performance measures and NI 52-112, complex revenue judgments, embedded leases, lease terms and sale-and-leaseback, IAS 36 impairment of goodwill with sensitivity, IFRS 9 classification including the 2024 amendments, compound instruments and NCI puts, expected credit losses and hedge accounting, Level 3 fair values and crypto assets, diluted earnings per share, deferred tax in business combinations, IFRIC 23, Pillar Two, IAS 37 provisions and climate-related matters, going concern, events after the reporting period and the reporting issues memo, with comparisons to US GAAP.
ACCT-470 Year 4 3 credits 12 lessons · 5 h 17 min
Offered by HSM University · Accounting
This is the Canadian version of this course. See the American version.
What you'll learn
- Apply a disciplined process for professional judgment, assess materiality using quantitative and qualitative factors, and distinguish errors, changes in policy and changes in estimate under IAS 8.
- Classify income and expenses into the IFRS 18 categories, prepare the required subtotals and related disclosures, and explain the transition requirements and segment disclosures.
- Identify management-defined performance measures, reconcile them with their tax and non-controlling interest effects, and apply NI 52-112 to other measures.
- Resolve complex revenue judgments involving variable consideration, consideration payable to customers, principal versus agent, licences and contract modifications.
- Identify embedded leases, determine lease terms and discount rates, and account for modifications and sale-and-leaseback transactions under both IFRS 16 and ASC 842.
- Perform and evaluate an IAS 36 impairment test for a CGU containing goodwill, including assumptions, sensitivity and disclosure, and compare it with US GAAP and ASPE.
- Classify financial assets under IFRS 9, including the 2024 amendments, and distinguish liabilities from equity for convertible notes and puttable non-controlling interests.
- Measure expected credit losses under IFRS 9 and CECL and apply cash flow hedge accounting, explaining the differences between the frameworks.
- Measure Level 3 fair values such as contingent consideration, govern and disclose them, and account for crypto assets under each framework.
- Compute basic and diluted earnings per share for complex capital structures, including sequencing, contingently issuable shares and participating securities.
- Account for deferred tax in business combinations, uncertain tax positions, global minimum taxes, provisions, contingencies and climate-related matters under both frameworks.
- Assess going concern and events after the reporting period, prepare related party and effective disclosures, and summarize significant judgments in a reporting issues memo.
Course content
12 lessons · 5 h 17 min total · final exam
- 1 Judgment, materiality and the reporting framework 30 min · quiz
- 2 Presentation under IFRS 18: categories, subtotals and aggregation 26 min · quiz
- 3 Performance measures: MPMs and non-GAAP disclosures 26 min · quiz
- 4 Revenue recognition: complex judgments 28 min · quiz
- 5 Leases: complex judgments 27 min · quiz
- 6 Impairment of non-financial assets and goodwill 25 min · quiz
- 7 Financial instruments I: classification, measurement and liability or equity 26 min · quiz
- 8 Financial instruments II: credit losses and hedge accounting 27 min · quiz
- 9 Fair value measurement and crypto assets 24 min · quiz
- 10 Earnings per share: complex capital structures 25 min · quiz
- 11 Income taxes, provisions and climate-related matters 26 min · quiz
- 12 Capstone: going concern, events after the reporting period and the reporting issues memo 27 min · quiz
- E Final exam 20 questions
Requirements
Recommended background. You can start any course at any time.
Description
Applying IFRS Accounting Standards and ASPE judgment to complex, real-world reporting situations, following one invented TSX-listed food manufacturer through its 2026 year end: professional judgment, materiality and IAS 8 errors and restatements, IFRS 18 presentation and its 2027 transition, management-defined performance measures and NI 52-112, complex revenue judgments, embedded leases, lease terms and sale-and-leaseback, IAS 36 impairment of goodwill with sensitivity, IFRS 9 classification including the 2024 amendments, compound instruments and NCI puts, expected credit losses and hedge accounting, Level 3 fair values and crypto assets, diluted earnings per share, deferred tax in business combinations, IFRIC 23, Pillar Two, IAS 37 provisions and climate-related matters, going concern, events after the reporting period and the reporting issues memo, with comparisons to US GAAP.
Part of the Business stream, typically taken in year 4.