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).
DESIGNED FOR
Accountants in public practice or industry
BENEFITS
After attending this presentation, you will be able to...
- Recall ASUs impacting small businesses
- Identify reporting options for small entities other than GAAP
- Recognize the changes to quality required of small firms
HIGHLIGHTS
The major topics that will be covered in this course include:
- Accounting Standards Updates (ASUs) that are most likely to impact small businesses
- ASUs initiated by the Private Company Council (PCC).
- Alternative reporting options to GAAP including FRF for SMEs and IFRS for SMEs
- Audit standards that small business auditors will need to implement.
PREREQUISITES
Prior experience with GAAS & GAAP
ADVANCE PREPARATION
None