Practical Alternative to GAAP: Simplify by Converting to FRF for SMEs™

 

   

 

 
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Overview

8.0 Credits

The AICPA has developed and released its new Financial Reporting Framework for Small- and Medium-Sized Entities (FRF for SMEsTM), noting 'millions of private companies do not need to use or are not required to provide stakeholders financial statements prepared in accordance with U.S. 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 SMEsTM, may provide an alternative to the complexity of U.S. GAAP. This course will provide you with a comprehensive review of FRF for SMEsTM, 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 SMEsTM financial statements is included as well.

Objectives

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

Major Topics

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

Designed For

Small- and medium-sized business owners, financial statement preparers, and accounting/auditing practitioners at all levels desiring a thorough understanding and application of FRF for SMEsTM

Prerequisite

Basic understanding of financial reporting concepts
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