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 SMEsTM 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 as well as hands-on application examples and exercises, illustrative financial statements, and a disclosure checklist for use in preparing and reporting on FRF for SMEsTM financial statements.
Participants will be able to review the newly released financial reporting framework -- FRF for SMEsTM; Understand how to apply FRF for SMEsTM using hands-on examples and exercises; Identify important aspects of FRF for SMEsTM financial statements; Be aware of disclosures applicable to FRF for SMEsTM.
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.
Basic understanding of financial reporting concepts