2024 Accounting & Auditing Update for Small Businesses

Overview

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). We’ll then look at alternative reporting options to GAAP including FRF for SMEs and IFRS for SMEs for entities who don’t necessarily need to prepare GAAP financial statements but want to use accrual accounting. Finally, we will transition to audit standards that small business auditors will need to implement. This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.

Highlights

Prerequisites

Prior experience with GAAS & GAAP

Designed For

Accountants in public practice or industry

Objectives

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

Preparation

None