This course is designed for accounting and finance professionals who desire financial reporting flexibility for small- and medium-sized entities (SMEs). We examine special-purpose frameworks (SPFs) that may offer simplification while enhancing the usefulness of financial reporting for SMEs. Our discussion offers practical ways to align financial reporting with the decision-making needs of users and other stakeholders. Real-world examples and case discussions will help attendees confidently prepare, review, and interpret SMEs’ financial statements.
DESIGNED FOR
CPAs in public accounting and members in industry who desire an understanding of the financial reporting options available to SMEs
BENEFITS
- Recall the purpose and scope of financial reporting frameworks applicable to SMEs
- Identify financial reporting options available to SMEs
- Select a reporting framework that is most appropriate for a particular SME
- Develop financial reports in accordance with a particular SPF
- Evaluate advantages and limitations of reporting options
- Recall provisions of U.S. GAAP that provide some reporting flexibility for SMEs
HIGHLIGHTS
- Unique needs of SMEs
- The menu of available frameworks
- Exploration of specific SPFs
- U.S. GAAP provisions for SMEs
- Considerations when selecting a framework
- Audit, review, and compilation implications
- Pitfalls to avoid
- Best practices to adopt
PREREQUISITES
Basic working knowledge of financial statement preparation
ADVANCE PREPARATION
None