- 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.
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.
This course, taken with another 4-unit course, is an ideal way to meet the 8-unit accounting CPE requirement for accountants who prepare financial statements, but perform no compilations, reviews or audits. Preparing Financial Statements for Clients (PRFS) can provide the other four CPE units. Start-up and Small Business Financial Statements: Issues and Fraud (SSFR) is a companion course designed to meet the 4-unit fraud requirement, but also qualifies as accounting CPE.
Formerly titled: Financial Reporting Framework for SMEs