Webcast: Small-Business Financial Statements (XCFRF117)
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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); cash and tax bases of accounting; other special purpose frameworks; and GAAP. This course examines the features, benefits and risks associated with the use of each of these frameworks and offers guidance for the professional judgments accountants must make when applying each.

6/2/2017
When: 06/02/2017
10:30 AM until 2:00 PM
Where: Webcast
CALCPA
4172775A
United States
Presenter: Richard A. Ferdinand, CPA


Online registration is closed.
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AcronymXCFRF117
CPE4 hours
VendorCalCPA
Category
Accounting & Auditing
LevelOverview
PrerequisiteNone
Adv PrepNone
Yellow Book?No
Designed forAccountants who prepare financial statements or perform compilations, reviews or audits for small- and medium-sized businesses; tax accountants who need to understand financial statements in connection with performing tax services.
Registration
Member$120
CPA Non-Member$188

The Member rate applies to LCPA members, other state society members, and non-CPA staff of LCPA members. To register online, use the ‘Register’ button above. To register by phone, call the LCPA Member Service Center at 800.288.5272 or 504.464.1040, Monday through Friday, 8am to 5pm.

Course Description

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); cash and tax bases of accounting; other special purpose frameworks; and GAAP. This course examines the features, benefits and risks associated with the use of each of these frameworks and offers guidance for the professional judgments accountants must make when applying each.

Formerly titled:Financial Reporting Framework for SMEs

Materials are provided as an ebook.

Objectives

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

Major Topics

  • 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 
  • Compilation, review and audit reports