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. 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.
• 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.
• Special purpose frameworks vs. GAAP
• AICPA’s Financial Reporting Framework for Small- and Medium-Sized Entities (FRF for SMEs)
• FRF for SMEs
• Cash and tax bases of accounting
• Other Comprehensive Basis Of Accounting (OCBOA)
• Revenue recognition
• Accounting methods
• Financial statements
Accountants, tax practitioners and financial professionals.
This webinar is produced by AICPA. You will receive your login link/instructions and Certificate of Attendance directly from this third-party vendor. It is important that you review your COCPA confirmation for details on receiving your login instructions and COA from said vendor.