Previously titled: Cash - and Tax-Basis Financial Statements - Preparation and Reporting
This course provides the practical information you need to prepare and report on financial statements, presented in accordance with a "special purpose framework" (SPF) (previously known as other comprehensive bases of accounting (OCBOA)). SPFs discussed include the cash basis, modified cash basis, income tax basis, and AICPA's Financial Reporting Framework for Small- and Medium-Sized Entities.
- Special Purpose Framework Options
- Differences between GAAP and Special Purpose Frameworks
- Presentation and Disclosures
- Audit, Compilation, and Review Reports
- Audit, Compilation, and Review Procedures
- Clarity Standard AU-C Section 800 Requirements
- Financial Reporting Framework for Small-Medium Sized Entities
Learning Objectives - Upon completion of this course, you will be able to:
- Describe the types of entities for which a SPF basis of accounting is most appropriate.
- Describe the main differences between the most comment accounting methods used under GAAP and several SPF.
- Identify the steps to prepare financial statements, both statements and disclosures, in accordance with SPFs.
- Identify procedures performed in audits, reviews and compilations of SPF financial statements.
- Prepare appropriate audit, compilation and review reports for financial statements presented in accordance with a SPF.
Advanced Preparation: None