Preparing GAAP financial statements can be treacherous. GAAP has become so voluminous and complex that it is easy to overlook accounting, reporting and disclosure requirements, potentially affecting the accountants’ liability. Nonpublic entities, however, are not necessarily required to apply GAAP and there are less complex financial reporting frameworks that may be much easier to apply without sacrificing the quality of financial reporting. Even when applying GAAP, the less complex business entity may find that numerous requirements, including disclosures, are not relevant to users of their financial statements, may not be material to users, and often overshadow the information that is most relevant. This course will present alternative accounting frameworks that may be more suitable for the simpler business entity, including the AICPA’s Financial Reporting Framework for Small to Medium-Sized Entities (FRF for SMEs) and the modified cash basis of accounting. We will also discuss approaches to GAAP, including developing disclosure checklists unique to each set of financial statements, identifying when disclosures may be omitted or complex accounting approaches may be avoided, and how to document those decisions to minimize adverse effects. When the cost of financial reporting to the small business enterprise exceeds the benefits, entities will lose the motivation to issue financial statements that are in conformity with GAAP and both the business entities and the related capital markets suffer. This course provides alternatives that help alleviate that dilemma.
Accounting for simple business entities. FRF for SMEs and other alternatives to GAAP. Avoiding the pitfalls and costs of GAAP reporting and disclosure requirements. Documenting accounting decisions to minimize potential liability.
Basic understanding of financial statements.
Independent and internal accountants with responsibility for preparing financial statements and disclosures for nonpublic entities.
Identify alternatives to GAAP that may simplify accounting and reporting without sacrificing quality. Develop disclosure checklists that are unique to each set of financial statements improving efficiency. Learn how to save time in selecting and writing disclosures, while improving the effectiveness. Understand how to document accounting and disclosure decisions to satisfy peer reviewers and users of financial statements.
Mark E. Dauberman, CPA, EMBA Mark Dauberman Seminars/Upland, CA Mark Currently provides CPE and technical staff training for CPA firms, private industry employers of accountants, and government organizations on topics that include fraud, internal and external auditing, developing internal controls, strategic planning, and practice management. Mark’s public accounting experience includes working with various local firms throughout high school and college, and employment with Kenneth Leventhal & Company. More recently, he was a partner at NSBN, a Beverly Hills CPA and business consulting firm, where he served as director of the audit practice and was responsible for recruiting, training, business development, quality control, and strategic planning for the firm. Mark’s industry experience includes serving as assistant controller of a large trucking and warehousing firm. He has been both a controller and the Vice President of Finance and Administration for major real estate development companies. Mark also spent nearly 30 years as an entrepreneur, operating a business that prepared individuals for the CPA exam. Mark taught his first university accounting class in 1969 and has been involved in accounting education since and is currently a visiting lecturer at the University of Redlands. Mark is also a keynote motivational speaker providing his insights on fraud, dealing with competition, entrepreneurship, goal setting, time management, dealing with stress, coping with crisis, and ethics. Mark obtained his bachelors degree in accounting from California State University at Northridge. He obtained his Executive MBA at the Peter Drucker and Masatoshi Ito School of Management at Claremont Graduate University, where he previously had been a student of Dr. Drucker’s.
Non-Member Price $209.00
Member Price $159.00