Small Business Financial Statements ON DEMAND

Overview

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). You’ll review the cash and tax bases of accounting and other special-purpose frameworks. The features, benefits and risks of each framework will be covered, and guidance for professional judgments.

Highlights

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.

Prerequisites

None.

Designed For

CPAs and accounting professionals.

Objectives

Identify the special purpose and GAAP frameworks. Determine primary differences between the frameworks. Recognize situations in which the 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.

Preparation

None.

Notice

None.