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. This course, taken with the 4-hour Preparing Financial Statements for Clients (PRFS), meets the 8-hour accounting CPE requirement for accountants who prepare financial statements but perform no audits, reviews or compilations.
Learning 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
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
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