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Small-Business Financial Statements (TRF)

  • 04/17/2019
  • 10:30 AM - 2:00 PM
  • WEBINAR 4182775G

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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).

Also, review the cash and tax bases of accounting and other special purpose frameworks. This course also reviews GAAP frameworks. Furthur, reveiw the features, benefits and risks associated with the use of each of these frameworks and offers guidance for the professional judgments accountants must make when applying each.

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.



Topics Discussed:

    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



Designed For: Accountants, tax practitioners and financial professionals.
Level: Overview
Instructor: Richard A. Ferdinand, CPA
Developer:
CPE Credits: 4
Area of Study: Accounting
Prerequisite: None.



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