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(4192775E) Small-Business Financial Statements Webcast
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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). Also, review the cash and tax bases of accounting and other special purpose frameworks. This course also reviews GAAP frameworks. Further, review the features, benefits and risks associated with the use of each of these frameworks and offers guidance for the professional judgments accountants must

2/18/2020
When: 02/18/2020
9:30 AM
Where: Webcast
CALCPA
4192775E
United States
Presenter: Richard A. Ferdinand, CPA


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Acronym FRF
CPE 4
Vendor CalCPA
Category
Accounting
Level Overview
Yellow Book?
Registration Fees
Members* $120
Non-Members $188

*The Member rate applies to UACPA members and reciprocal state society members. To register online, use the ‘Register’ button above. To register by phone, call the UACPA at 801-466-8022, Monday through Friday, 8am to 4pm.

Course 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). Also, review the cash and tax bases of accounting and other special purpose frameworks. This course also reviews GAAP frameworks. Further, review 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. This course, taken with another 4-unit course, is an ideal way to meet the 8-unit accounting CPE requirement for accountants who prepare financial statements, but perform no compilations, reviews or audits. Preparing Financial Statements for Clients (PRFS) can provide the other four CPE units. Start-up and Small Business Financial Statements: Issues and Fraud (SSFR) is a companion course designed to meet the 4-unit fraud requirement, but also qualifies as accounting CPE.

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.

Major Topics

  • 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

Designed For: Accountants, tax practitioners and financial professionals.

Prerequisite: None.

Note: Login instructions will be provided by the webcast vendor.

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