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Financial Reporting Framework for SMEs

Author/Moderator: Richard Gesseck, CPA
Publisher: AICPA
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Now CPAs have a great new value-add option for their small business clients and employers. The AICPA's Financial Reporting Framework (FRF) for Small and Medium-Sized Entities (SMEs) is a streamlined and robust non-GAAP reporting option suited for privately-held, small to medium-sized companies. In this course, you will experience a practical overview of FRF for SMEs to help you apply the framework, including the form, content and disclosures that apply to most SMEs. As a result of understanding and applying the FRF for SMEs, you may look forward to additional opportunities to help small business owners make better-informed decisions and plot the entity’s future strategy with decipherable financial statements.

Topics Discussed:

  • Financial Statement Concepts and the foundation for reporting under the FRF for SMEs
  • Advantages of Using FRF for SMEs
  • Transitioning from GAAP to FRF for SMEs
  • Accounting for Inventories and Investments
  • Accounting for Revenue, Leases and Income Taxes
  • Accounting for Related Party Transactions and Subsidiaries

Learning Objectives:
When you complete this course you will be able to:

  • Describe the fundamentals underlying FRF for SMEs, including the components of a complete set of financial statements.
  • Account for business combinations under FRF for SMEs, including the determination of goodwill.
  • Apply amortization methods and periods for goodwill and intangible assets.
  • Recognize the accounting policy elections available for investments under FRF for SMEs.
  • Apply methods of accounting to investments.
  • Distinguish among the different types of leases from the perspective of lessees and lessors.
  • Effectively transition to FRF for SMEs from other bases of accounting.
  • Recognize when and how to apply "push-down" accounting.
  • Recite other less frequently encountered reporting matters under FRF for SMEs.

Prerequisite: Ability to prepare GAAP financial statements and evaluate financial statement disclosures

Advanced Preparation:  None

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Videocourse Details

NASBA Field of Study: Accounting
Level: Intermediate
Recommended CPE Credit: 5
Financial Reporting Framework for Small and Medium Sized Entities
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Product# 745141
Availability: In Stock
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AICPA Member:$135.00
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