For many small businesses, the standards issued by the FASB may have little to no effect as they impact topics that do not reflect the type of transactions that these entities most frequently experience. This class will focus on the Accounting Standards Updates (ASUs) that are most likely to impact small businesses with a focus on ASUs initiated by the Private Company Council (PCC).
Accountants in public practice or industry
After attending this presentation, you will be able to...
- Recall ASUs impacting small businesses
- Identify the impact of SAS 143 on audit engagements
- Identify the changes to risk assessment as a result of SAS 145
The major topics covered in this course include:
- Private company ASUs effective this year
- AICPA's FRF for SMEs
Prior experience with GAAP or GAAS