Find some “relief” from GAAP standards that are costly to implement and incomprehensible to financial statement users. Practitioners often use alternative frameworks, referred to as special purpose frameworks (SPFs) (formerly OCBOA). This program will explore alternatives that permit professional presentations that don’t cut corners, but are still cost efficient; illustrate exactly what is necessary when preparing tax, cash, or modified cash basis financial statements; provide hard-to-find report, presentation, and disclosure examples; and address the SSARS 21 provisions as they relate to special purpose frameworks.
DESIGNED FOR
Practitioners in public practice and CPAs in industry who are responsible for the preparation of non-public, financial statements where special purpose frameworks or special purpose presentations can be beneficial.
BENEFITS
- Address the issues unique to special purpose frameworks presentations
- Determine when special purpose frameworks or special presentations are appropriate
- Distinguish between circumstances when special purpose frameworks or GAAP departures are the most appropriate
- Prepare special purpose presentations
HIGHLIGHTS
- When a presentation is a special purpose frameworks or a GAAP departure
- The AICPA’s Financial Reporting Framework for Small- and Medium-Sized Entities (FRF for SMEs)
- Common book versus tax differences
- Tax basis financials — what to do with non-taxable and non-deductible items
- Disclosure rules for SPFs
- Statement of cash flows in SPFs
- Using special purpose presentations
- Contractual and regulatory frameworks
- Using GAAP departures
- Common special purpose frameworks deficiencies
COURSE LEVEL
Basic
PREREQUISITES
None
ADVANCE PREPARATION
None