Private Enterprise GAAP (PE GAAP) applies to the general purpose financial statements and other financial reporting of all private, profit-oriented entities. These new standards will result in some difficulties and uncertainties in planning and preparing for the changes, but it also provides for some significant opportunities if it is looked at as more than just a compliance exercise.

This PE GAAP course is valuable to those looking for an overview of some of the key issues associated with the new private enterprise standards. It will not make you an expert in this topic, but it will present you with the major parts of selected standards, and familiarize you with resources that you can use to keep up to date.

This course consists of first, an article entitled Private Enterprise GAAP, and second, a series of illustration intended to demonstrate the applicability of PE GAAP and to highlight key aspects of the standards. Finally, there is a quiz to test your understanding of the material.

Article: GAAP for Private Enterprises

GAAP for PE — Illustrative examples

Quiz

Stephen Spector, FCGA, is a Lecturer currently teaching Financial and Managerial Accounting at Simon Fraser University. He became a CGA in 1985 after obtaining his Master of Arts in Economics from SFU in 1982. In 1997, CGA-BC presented him with the Harold Clarke Award of Merit for recognition of his service to the By-Laws Committee for 1990-1996. In 1999, Stephen received the Fellow Certified General Accountant (FCGA) award for distinguished service to the Canadian accounting profession. He has been on SFU’s Faculty of Business Administration’s Teaching Honour Roll for May 2004 to April 2005; May 2006 to April 2007, and May 1, 2008 to April 30, 2009. In August 2008, he was one of the two annual winners of the Business Faculty’s TD Canada Trust Distinguished Teaching Award. Stephen has held a number of volunteer positions with CGA-BC; he currently sits on CGA-BC’s board of governors where he is CGA-BC’s 2010 Past-President.