Small-Business Financial Statements
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.
Formerly titled: Financial Reporting Framework for SMEs
- 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
- Compilation, review and audit reports
- 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.
Accountants, tax practitioners and financial professionals.
Applicable if you are a HSCPA member in good standing.
Applicable if you are not a HSCPA member.