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.
• 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
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
• 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
• 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
Speaker: Jennifer Howard Elder, CPA, MS, CMA, CIA, CFF, CGMA
Field of Study: Accounting
CPE Credits: 8
Yellow Book: No