Overview
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 event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.
Prerequisites
None
Objectives
After attending this presentation you will be able to...
- Identify common mistakes in the preparation of financial statements for small- and medium-sized entities
- Handle common principle departures in the financial statements of small- and medium-sized entities
- Recall common footnote disclosures in small- and medium-sized entities
- Recognize the new lease accounting standard implementation issues
Highlights
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 financial statements as identified in peer reviews and in litigation
