CFE Exam Topics and Tips In this article, we review the Canadian CPA Board exams (CFEs) and provide a list of CFE exam study tips, exam writing tips and common CFE e
Debits and Credits Debits (Dr.) and credits (Cr.) are used to ensure inflows and outflows of transactions (assets/liabilities) are always balanced. In order...
Using your Financial Calculator You may be using a calculator for your work or while studying for your CPA Exams (CFE exams). Understanding how to make full use of your ...
Analyzing Financial Issues When analyzing financial case studies, always break them down into smaller issues, which can then be addressed individually. If you are w...
Accounting Standards There are a variety of different ways to present financial information worldwide. We need to know which standard we are using when analyz...
Financial Reporting: Assumptions and Characteristics There is no point in creating financial statements if they are not useful to readers. Financial statements should therefore abide by a co...
Financial Statements: Overview Countries often have their own unique standards for presenting financial information. While accounting standards vary from country to cou...
Statement of Financial Position / Balance Sheet Elements The Statement of Financial Position (a.k.a Balance Sheet using Canadian ASPE accounting standards) presents the company's total assets, l...
Statement of Profit or Loss / Income Statement Elements The Statement of Profit or Loss (a.k.a. Income Statement using Canadian ASPE) shows the company's earnings and expenses. Different countr...
Statement of Changes in Equity (IFRS) Entities using International Financial Reporting Standards (IFRS) must include a Statement of Changes in Equity as part of their financia...
Statement of Retained Earnings (ASPE) Entities that report under the Canadian ASPE guidelines do not report a Statement of Changes in Equity. This is primarily because the com...
Measuring Elements of a Financial Statement Items on a financial statement can be measured using a variety of different methods, described below. Throughout the learning material, w...
Capital Maintenance Capital maintenance is a concept which measures whether either financial capital (money and equivalents) or physical productive capital w...
Revenue: IFRS 15 Statement of Profit and Loss TIP: For those writing the Canadian CPA board exams (CFE exams), Revenue recognition is an extremely important topic and is always found ...
Revenue: APSE 3400 Income Statement TIP: For those who are writing the Canadian CPA board exams (CFE exams), Revenue recognition is an extremely important topic and is alway...
Revenue: Bundled Deliverables When several goods and/or services are sold together as a bundle, it is called a bundled deliverable. If you recall, both IFRS and ASPE r...
Revenue: Accounting for Discounts Both IFRS and ASPE account for discounts in a similar manner: discounts should be netted from Revenue amounts. They are not considered Ex...
Non-Monetary Transactions: Exchanges and Swaps This article describes how to recognize transactions that include non-cash components. TIP: Non-Monetary transactions are frequently test...
Concept of Control Over the next couple of articles, we will review how certain types of transactions are recorded for financial reporting purposes. How we ...
Related-Party Transactions: IFRS IFRS provides guidance on the disclosure requirements for related-party transactions, but does not provide specific guidance on how to va...
Related-Party Transactions: ASPE 3840 ASPE provides guidance on how to measure and disclose related-party transactions. A related-party transaction is a transaction that happe...
Revenue: Common Journal Entries This article reviews some common journal entries used when recording transactions related to Revenue. Scenario 1: If Cash has been receiv...
Expenses: IFRS Statement of P&L / ASPE Income Statement Expenses are the cost of doing business for an entity. Expenses can in the form of money spent on items, services, benefits or it can be ...
Expenses: Common Journal Entries This article reviews some common journal entries used when recording transactions related to Expenses. Scenario 1: If Cash is paid for a ...
