Special Purpose Frameworks – Alternatives to GAAP (111327-13)
Description
This course provides the practical information you need to prepare and
report on financial statements presented in accordance with a “special
purpose framework” (SPF) (previously known as other comprehensive bases
of accounting (OCBOA)). SPFs discussed include the cash basis, modified
cash basis, income tax basis, and AICPA’s Financial Reporting Framework
for Small- and Medium-Sized Entities.
Learning Objectives
Upon completion of this course, participants will be able to: • Describe
the types of entities for which a SPF basis of accounting is most
appropriate
• Describe the main differences between the most comment
accounting methods used under GAAP and several SPF
• Identify the steps
to prepare financial statements, both statements and disclosures, in
accordance with SPFs
• Prepare appropriate audit, compilation and
review reports for financial statements presented in accordance with a
SPF
Major Topics
Topics Discussed • Special Purpose Framework Options • Differences between GAAP and Special Purpose Frameworks • Presentation and Disclosures • Audit, Compilation, and Review Reports • Financial Reporting Framework for Small-Medium Sized Entities
