Small-Business Financial Statements 2023

Overview

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). You’ll review the cash and tax bases of accounting and other special-purpose frameworks. The features, benefits and risks of each framework will be covered, and guidance for professional judgments. This course, taken with the 4-hour Preparing Financial Statements for Clients (PRFS), meets the 8-hour accounting CPE requirement for accountants who prepare financial statements but perform no audits, reviews or compilations.

Highlights

• Special purpose frameworks vs. GAAP • AICPA’s Financial Reporting Framework for Small- and Medium-Sized Entities (FRF for SMEs) • Cash and tax bases of accounting • Other Comprehensive Basis Of Accounting (OCBOA) • Revenue recognition • Accounting methods • Financial statements • Disclosures

Objectives

• Identify the special purpose and GAAP frameworks • Determine primary differences between the frameworks • Recognize situations in which the 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