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The New Reporting Option: A Financial Reporting Framework for SMEs (SMES15)
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For many small and medium-sized businesses, preparing financial statements using the special purpose framework, FRF for SMEs™, may provide an alternative to the complexity of US GAAP. This course will provide a comprehensive review of FRF for SMEs™, including examples, illustrations, and hands-on application exercises to help you understand and apply the new framework. A disclosure outline (checklist) for use in preparing and reporting on FRF for SMEs™ financial statements is included as well.

10/26/2015
When: 10/26/2015
8:30 AM until 4:30 PM
Where: Petroleum Club of Shreveport
416 Travis Street
Mid South Towers
Shreveport, Louisiana 
United States
Presenter: Alicia A. Bingel


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Early Bird Fees (through 10/8)
Members $289
Non-Members $389
After 10/8, add $50 to your fee.

CPE: 8 hours
Level: Basic
Vendor: Surgent McCoy CPE
Category: Accounting & Auditing
Prerequisites: Basic understanding of financial reporting concepts
Advanced prep: None

Who should attend: Small and medium-sized business owners, financial statement preparers, and accounting/ auditing practitioners at all levels who want a thorough understanding and application of FRF for SMEs™

The AICPA has developed and released its new Financial Reporting Framework for Small and Medium-Sized Entities (FRF for SMEs™), noting – “millions of private companies do not need to use or are not required to provide stakeholders financial statements prepared in accordance with US GAAP but want an accounting system that has undergone public comment. The FRF for SMEs™ is a non-GAAP financial reporting solution that will be an option for millions of America’s private companies.”

For many small and medium-sized businesses, preparing financial statements using the special purpose framework, FRF for SMEs™, may provide an alternative to the complexity of US GAAP. This course will provide you with a comprehensive review of FRF for SMEs™, including examples, illustrations, and hands-on application exercises to help you understand and apply the new framework. A disclosure outline (checklist) for use in preparing and reporting on FRF for SMEs™ financial statements is included as well.

Objectives

  • Understand why the AICPA developed and released FRF for SMEs™
  • Be familiar with the overall objectives of FRF for SMEs™
  • Review the Statement of financial position, statement of operations, and statement of cash flows guidance in FRF for SMEs™
  • Be aware of disclosures applicable to FRF for SMEs™
  • Compare and contrast FRF for SMEs™ and US GAAP Financial Statements
  • Be familiar with all of the individual chapters in FRF for SMEs™

Major Topics

  • An introduction to FRF for SMEs™
  • Statement of financial position, statement of operations, and statement of cash flows guidance
  • Disclosure outline (checklist) for use with FRF for SMEs™
  • FRF for SMEs™ vs. US GAAP Financial Statements
  • All individual chapters in FRF for SMEs™

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