Small-Business Financial Statements Webcast | 4202775G

Description

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.

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
Compilation, review and audit reports

Objectives

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.

Designed For

Accountants, tax practitioners and financial professionals.