These model financial statements take into account the standards for private enterprises in Part II of the CICA Handbook – Accounting.
Model Financial Statements – Private Enterprises is presented in two sections. The first section provides an analysis of the accounting standards based on the financial statement structure. Each analysis highlights significant changes and provides a brief summary of the recognition and measurement requirements, the challenges for practical application, optimization of accounting choices, the key presentation elements and examples of notes.
The second section includes three sets of model financial statements with independent auditor reports prepared under the new Canadian Auditing Standards (CASs) along with appropriate references to Part II of the Handbook relating to significant items and note disclosures.
The first model was prepared for entities that already apply accounting standards for private enterprises. Two other models illustrate financial statements prepared for the first time using accounting standards for private enterprises (including the reconciliation of the opening balance sheets in accordance with Section 1500, First-time Adoption, in Part II of the CICA Handbook – Accounting). These two models present corresponding figures for comparison purposes and the impact on financial statements and notes thereto when financial information is presented instead in the form of comparative financial statements.
These financial statements also include appropriate references to Part II of the CICA Handbook – Accounting relating to significant items and note disclosures. Whether you are in public practice or business/industry, these model financial statements will make your work much easier.
Developed by the Ordre des CPA du Québec.
Model Financial Statements – Not-for-Profit Organizations
Model Financial Statements – IFRS
Canadian Professional Engagement Manual (C•PEM)
CICA C•PEM Electronic Templates
Quality Assurance Manual (QAM)
Publication Date: November 2013