BEACH RETREAT: A & A Track – Financial Reporting Framework for SMEs – Jennifer Elder, CPA (1BR010-15)
Description
Now CPAs have a great new value-add option for their small business
clients and employers. The AICPA’s recently issued Financial Reporting
Framework (FRF) for Small and Medium-Sized Entities (SMEs) is a simpler
and more cost-effective reporting alternative to GAAP, suited for
privately-held, small to medium-sized companies. In this course, you
will experience a practical overview of FRF for SMEs to help you apply
the framework, including the form, content and disclosures that apply to
most SMEs. As a result of understanding and applying the FRF for SMEs,
you may look forward to additional opportunities to help small business
owners make better-informed decisions and plot the entity’s future
strategy with more decipherable financial statements.
Learning Objectives
Describe the fundamentals underlying FRF for SMEs, including the
components of a complete set of financial statements.
Account for
business combinations under FRF for SMEs, including the determination of
goodwill.
Apply amortization methods and periods for goodwill and
intangible assets.
Recognize the accounting policy elections available
for investments under FRF for SMEs.
Apply methods of accounting to
investments.
Distinguish among the different types of leases from the
perspective of lessees and lessors.
Effectively transition to FRF for
SMEs from other bases of accounting.
Recognize when and how to apply
"push-down" accounting.
Recite other less frequently encountered
reporting matters under FRF for SMEs.
Major Topics
• Financial statement concepts and the foundation for reporting under the FRF for SMEs • Advantages of using FRF for SMEs • Transitioning from GAAP to FRF for SMEs • Accounting for inventories and investments • Accounting for revenue, leases and income taxes • Accounting for related party transactions and subsidiaries
Course Level
Intermediate
CPE Field of Study
Accounting
4
Prerequisites
Ability to prepare GAAP financial statements and evaluate financial
statement disclosures
