The AICPA has developed and released its new Financial Reporting Framework for Small- and Medium-Sized Entities (FRF for SMEs), noting 'millions of private companies do not need to use or are not required to provide stakeholders financial statements prepared in accordance with U.S. GAAP, but want an accounting system that has undergone public comment. The FRF for SMEs is a non-GAAP financial reporting solution that will be an option for millions of America’s private companies.' For many small and medium-sized businesses, preparing financial statements using the special purpose framework, FRF for SMEs, may provide an alternative to the complexity of U.S. GAAP. This course will provide a comprehensive review of FRF for SMEs.
DESIGNED FOR
Small and medium-sized business owners, financial statement preparers, and accounting/auditing practitioners at all levels desiring a thorough understanding and application of FRF for SMEs.
BENEFITS
- Understand why the AICPA developed and released FRF for SMEs
- Be familiar with the overall objectives of FRF for SMEs
- Review the statement of financial position, statement of operations, and statement of cash flows guidance in FRF for SMEs
- Be aware of disclosures applicable to FRF for SMEs
- Compare and contrast FRF for SMEsTM and U.S. GAAP Financial Statements
- Be familiar with all of the individual chapters in FRF for SMEs
HIGHLIGHTS
- An introduction to FRF for SMEs
- Statement of financial position, statement of operations, and statement of cash flows guidance
- Disclosure outline (checklist) for use with FRF for SMEs
- FRF for SMEs vs. U.S. GAAP Financial Statements
- All individual chapters in FRF for SMEs
COURSE LEVEL
Basic
PREREQUISITES
Basic understanding of financial reporting concepts.
ADVANCE PREPARATION
None