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). Review the cash and tax bases of accounting and other special purpose frameworks. Examine GAAP frameworks. Investigate the features, benefits and risks of each framework. Guidance for professional judgments. This course, taken with Preparing Financial Statements for Clients (PRFS), also 4 units, meets the 8-unit accounting CPE requirement for accountants who prepare financial statements, but perform no audits, reviews or compilations.
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.
Accountants, tax practitioners and financial professionals.
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.
Richard Ferdinand is the Chief Financial Officer of Werner Publishing Company, a publisher of special interest magazines in the fields of aviation, photography, and golf. Mr. Ferdinand previously spent 20 years in the public sector as a sole practitioner specializing in audits, accounting and review services and special consulting engagements.
Rich is a past recipient of the Outstanding Instructor Award from the AICPA and the California CPA Foundation award for Instructor Excellence. He received his MBA from the University of Chicago and B.A. in mathematics from Colgate University.
Non-Member Price $200.00
Member Price $150.00