Financial Reporting Frameworks for SMEs Update and Review

Description

This course provides an update of the recent changes that have occurred in the financial reporting frameworks commonly used by small- and medium-sized entities (SMEs). Troublesome areas in these financial reporting frameworks as identified in peer reviews and litigation will be highlighted. This course also addresses COVID-19 issues including practical guidance in accounting for PPP loan programs.

This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.

Highlights

The major topics that will be covered in this class include:

• Amendments to the U.S. Accounting Standards Codification (i.e. - U.S. GAAP) issued during the 18-month period prior to the program
• Update and review of the tax and cash special purpose frameworks
• Update and review of the AICPA Financial Reporting Framework for SMEs
• Update on common errors and deficiencies as identified in peer reviews and in litigation
• Detailed analysis of the lease accounting standard
• Practical guidance in accounting for COVID-19 issues including the accounting for PPP loan programs

Objectives

After attending the presentation you will be able to...

• Gain updated knowledge of the accounting standards issues during the past year
• Know how updates affect the preparation of financial statements of small and medium-sized entities
• Know how to handle common financial statement deficiencies

Designed For

CPAs, EAs, or other tax professionals