This course provides an update of the recent changes that have occurred in the financial reporting frameworks commonly used by small and medium-sized entities (SMEs). Troublesome areas in these financial reporting frameworks as identified in peer reviews and litigation will be highlighted.
This course is designed for practitioners in private business and public accounting who need to update their knowledge of the accounting standards issued during the past year that affect the preparation of financial statements of small and medium-sized e
After attending this presentation you will be able to...
- Identify common mistakes in the preparation of financial statements for small- and medium-sized entities
- Indicate common measurement principle departures in financial statements for small- and medium-sized entities
- Recall common footnote disclosures in small- and medium-sized entities
- Recognize the new lease accounting standard implementation issues
The major topics that will be covered in this class include:
- Amendments to the U.S. Accounting Standards Codification (i.e. - U.S. GAAP) issued during the 18-month period prior to the program that impact SMEs
- Update and review of the tax and cash special purpose frameworks
- Update and review of the AICPA Financial Reporting Framework for SMEs
- Update on common errors and deficiencies as identified in peer reviews and in litigation