For many businesses, preparing financial statements using a special purpose framework may provide an alternative to the complexity of U.S. GAAP.
This course will provide you with an overview and hands-on application for preparing financial statements using a Special Purpose Framework (SPF). You will learn the unique measurement and disclosure requirements of various SPF options using example financial statements and illustrative disclosures. The course also includes common practice issues encountered when preparing SPF financial statements, as well as an introduction to the AICPA’s new SPF for small and medium-sized entities, FRF for SMEsTM. We will also review recent updates to the standards for accounting and review services that impact engagements performed on SPF financial statements.
- Review the limited authoritative and non-authoritative literature covering special purpose frameworks.
- Learn how to prepare SPF financial statements using the cash, modified cash and tax basis of accounting.
- Be aware of SPF accounting and presentation issues.
- Review the disclosure requirements for SPF financial statements.
Level of Difficulty:
- An introduction to special purpose frameworks.
- Authoritative and non-authoritative guidance used to prepare SPF financial statements.
- Common issues in preparing SPF financial statements.
- Cash basis and modified cash basis financial statements.
- Income tax basis financial statements.
- The AICPA’s new special purpose framework – FRF for SMEsTM.
Practitioners and staff involved with the preparation of cash and tax basis financial statements.