Overview
For many small businesses, the standards issued by the FASB may have little to no effect as they impact topics that do not reflect the type of transactions that these entities most frequently experience. This class will focus on the Accounting Standards Updates (ASUs) that are most likely to impact small businesses with a focus on ASUs initiated by the Private Company Council (PCC). We'll then look at alternative reporting options to GAAP including FRF for SMEs and IFRS for SMEs for entities who don't necessarily need to prepare GAAP financial statements but want to use accrual accounting. Finally, we will transition to audit standards that small business auditors will need to implement this year, including changes to auditing accounting estimates and risk assessment.
Prerequisites
Prior experience with US GAAP or GAAS
Objectives
- Recall ASUs impacting small businesses
- Identify the impact of SAS 143 on audit engagements
- Identify the changes to risk assessment as a result of SAS 145
- Identify reporting options for small entities other than GAAP
Highlights
- Private company ASUs
- Audit evidence
- Quality Management
