AICPA’S Financial Reporting Framework for Small-to Medium-Sized Entities: What You Need to Know Right Now (170020-14)
Description
Standards overload has been a long-running problem for smaller
companies. In response to these frustrations, AICPA has released its FRF
for SMEs. This course will enable financial statement preparers and
auditors to evaluate its suitability for their needs. Extensive examples
and illustrations will be used to illustrate the alternatives available.
Learning Objectives
Understand how the problem of standards overload affects private
companies and their capital providers
Gain an appreciation for the
importance of involving capital providers in the choice of reporting
approaches
Learn how the Financial Reporting Framework for SMEs
differs from GAAP in today’s most challenging reporting areas
Compare
the costs and benefits of GAAP versus AICPA’s SME Reporting Framework
Understand how banks and other capital providers are reacting to FRF-SME
on the ground
Major Topics
Key features of FRF for SMEs
Key guidance including:
Consolidation
and SPEs
Uncertain tax positions & deferred taxes
Fair value
Impairment
Leases
Revenue recognition
Implementation guidance and
examples.
GAAP versus FRF for SMEs versus Cash or Tax Basis: Which is
best for us
Course Level
Update
CPE Field of Study
Accounting
4
Location
Loyola Graduate Center
2034 Greenspring Dr Lutherville-Timonium, MD21093US
