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Webcast: Financial Reporting Framework for SMEs (WBFRFS14)
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The AICPA’s recently issued Financial Reporting Framework (FRF) for Small and Medium-Sized Entities (SMEs) is a simpler and more cost-effective reporting alternative to GAAP, suited for privately-held, small to medium-sized companies. In this course, you will experience a practical overview of FRF for SMEs to help you apply the framework, including the form, content and disclosures that apply to most SMEs.

9/26/2014
When: 9/26/2014
7:30 AM until 3:15 PM
Where: Webcast
Presenter: Jennifer Howard Elder, CPA, MS, CMA, CIA, CFF, CGMA


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Financial Reporting Framework for SMEs

 

Now CPAs have a great new value-add option for their small business clients and employers. The AICPA’s recently issued Financial Reporting Framework (FRF) for Small and Medium-Sized Entities (SMEs) is a simpler and more cost-effective reporting alternative to GAAP, suited for privately-held, small to medium-sized companies. This course will give you a practical overview of how to apply the framework, including the form, content and disclosures that apply to most SMEs. As a result of understanding and applying the FRF for SMEs, you may look forward to additional opportunities to help small business owners make better-informed decisions and plot the entity’s future strategy with more decipherable financial statements.

 

Topics Discussed

• Financial statement concepts and the foundation for reporting under the FRF for SMEs

• Advantages of using FRF for SMEs

• Transitioning from GAAP to FRF for SMEs

• Accounting for inventories and investments

• Accounting for revenue, leases and income taxes

• Accounting for related party transactions and subsidiaries

 

Objectives:

 

When you complete this course you will be able to:

• Describe the fundamentals underlying FRF for SMEs, including the components of a complete set of financial statements.

• Account for business combinations under FRF for SMEs, including the determination of goodwill.

• Apply amortization methods and periods for goodwill and intangible assets.

• Recognize the accounting policy elections available for investments under FRF for SMEs.

• Apply methods of accounting to investments.

• Distinguish among the different types of leases from the perspective of lessees and lessors.

• Effectively transition to FRF for SMEs from other bases of accounting.

• Recognize when and how to apply “push-down” accounting.

• Recite other less frequently encountered reporting matters under FRF for SMEs.

 

Who Should Attend: Accountants, financial mgrs involved with prep,review,or attestation of financial statements of SME

 

Requisite Knowledge: Ability to prepare GAAP financial statements and evaluate financial statement disclosures

 

Speaker: Jennifer Howard Elder, CPA, MS, CMA, CIA, CFF, CGMA

Vendor: AICPA

Field of Study: Accounting

Level: Intermediate

CPE Credits: 8

Yellow Book: No

 

Registration Fees

 

 

Members

$249

CPA Non-Members

$345

 

 

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