ASPE Snapshot: ASPE 1590 Subsidiaries

Category: ASPE

ASPE Snapshot: ASPE 1590 Subsidiaries

Scope

  • Covers accounting for subsidiaries in general purpose financial statements (FS).
  • Related sections:
    • ASPE 1582 Business Combinations — sets out the basis of accounting for transactions by which subsidiaries are acquired.
    • ASPE 1601 Consolidated Financial Statements - describes preparation of consolidated FS.
    • ASPE 1602 Non-controlling Interests — describes the accounting for a noncontrolling interest in a subsidiary subsequent to a business combination.
    • AcG-15 Consolidation of Variable Interest Entities – deals with application of consolidation principles to variable interest entities.
  • Does NOT cover accounting for:
    • Investments (refer to ASPE 3051 Investments).
    • Interests in joint ventures (refer to ASPE 3055 Interests in Joint Ventures).
    • Financial instruments (refer to ASPE 3856 Financial Instruments).
    • Investment companies (refer to AcG-18 Investment Companies).

ASPE 1590 Subsidiaries

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Michelle Balmer

Michelle Balmer CPA, CA

Vice President, Assurance

Michelle Balmer, CPA, CA, is a Senior Assurance Services Partner with MNP. With 14 years of experience in public practice, Michelle helps a broad range of public and privately held companies in a variety of industries. She also works on special projects, including costing studies, benchmarking and best-practice studies, operational analyses, litigation support and due diligence.

As a key member of MNP's Assurance team, Michelle has played an instrumental role in assurance policy development, implementing accounting and assurance standards firm-wide and educating assurance practitioners regarding methodologies and new pronouncements. She also provides technical advice and consultation on accounting and assurance issues, as well as on rules of professional conduct issues, to all MNP practitioners.

Michelle was certified a Chartered Accountant (CA) after obtaining a Bachelor of Commerce degree from the University of Alberta. She has been actively involved with the Institute of Chartered Accountants of Alberta, including the Chartered Accountants School of Business, in an instructional and marketing capacity. An avid volunteer, she has assisted numerous groups such as the Easter Seals of Alberta, Paralympic Sports Association and Junior Achievement of Northern Alberta.