This article outlines some of the features in the JAZZ-it! financial statement template that help the accounting practitioner in Canada transition from differential reporting to accounting standards for private enterprises (ASPE).
As we transition from differential reporting to accounting standards for private enterprises (ASPE) we need to make a number of changes to the financial statements including:
- Engagement report wording
- ASPE transition notes
- Removal of differential accounting disclosures
In order to assist JAZZ-it! practitioners with this transition, we have added intelligent diagnostics to our engagement report which allows the practitioner to select between the reporting options.
When ASPE is selected, the JAZZ-it! financial statements check for the differential reporting policy and prompt the practitioner to remove this policy. The JAZZ-it! financial statements will also prompt the practitioner to insert the ASPE transition note. This note is inserted at the beginning of the notes section and can be quickly sorted to any location within the notes section.
Once this is done the engagement report is updated with the ASPE wording in the last paragraph:
The ASPE transition note is ready to be completed.
When this file is rolled forward in CaseWare, the JAZZ-it! financial statement will automatically switch from ASPE Transition year to ASPE Ongoing. If the ASPE transition note is active, the practitioner will see a diagnostic prompting them to remove this note.
More about JAZZ-it!
JAZZ-it! is a suite of templates including letters, working papers, and financial statements designed to work with CaseWare.
Practitioners save between 10 – 40% of the total time to complete the typical engagement utilizing these templates.
We have identified four key benefits to the product:
- Integration (information is shared between documents)
- Roll forward (documents automatically update for next year on roll forward)
- Diagnostics (documents compare themselves to the trial balance in CaseWare)
- Updating (document identify when an update is available from a central source)
If you would like to know more about JAZZ-it! please call 403-670-7385.
