Curriculums:   Accounting and Financial Statements,Auditing,Financial Leadership Forum,Business and Industry,Finance, Financial Management. and Controllership

NASBA Credit Category:  Accounting

CPE Hours:  4

Description

Examine the bases of accounting available to small- and medium-sized privately owned businesses, including the AICPA's Financial Reporting Framework for Small- and Medium-Sized Entities (FRF for SMEs); cash and tax bases of accounting; other special purpose frameworks; and GAAP. This course examines the features, benefits and risks associated with the use of each of these frameworks and offers guidance for the professional judgments accountants must make when applying each.

Formerly titled: Financial Reporting Framework for SMEs

Major Subjects

• Special purpose frameworks vs. GAAP
• AICPA's Financial Reporting Framework for Small- and Medium-Sized Entities (FRF for SMEs)
• Cash and tax bases of accounting
• Other comprehensive basis of accounting (OCBOA)
• Revenue recognition
• Accounting methods
• Financial statements
• Disclosures 
• Compilation, review and audit reports

Objectives

• Identify special purpose and GAAP frameworks.
• Determine primary differences between the frameworks.
• Recognize situations in which use of each framework might be useful.
• Identify the risks to a company and its independent accountants associated with each framework.
• Recognize ways that framework selection impacts financial statements, including disclosures, and impacts compilations and reviews.

Level:  Overview

Designed For

Accountants who prepare financial statements or perform compilations, reviews or audits for small- and medium-sized businesses; tax accountants who need to understand financial statements in connection with performing tax services.

Advanced Prep:

None.

Prerequisite

None.