Financial Statement Disclosures: A Guide for Small and Medium-Sized Businesses

Overview

You could pay $0 for this course!
For many businesses, preparing financial statements using a special purpose framework may provide an alternative to the complexity of U.S. GAAP. This course will provide you with an overview and hands-on application in preparing financial statements using common special purpose frameworks such as tax basis and cash or modified cash basis financial statements. You will learn the unique measurement and disclosure requirements of various Special Purpose Framework (SPF) options using example financial statements and illustrative disclosures. The course also includes common practice issues encountered when preparing SPF financial statements, including disclosure and reporting requirements. We will also review recent updates to both audit and SSARS standards that impact engagements performed on SPF financial statements.

Firms/companies with fewer than 50 staff can be reimbursed up to 100% of the cost of training and firms/companies with 50-100 employees can be reimbursed up to 50% of the cost of training. You must register for the course and apply for reimbursement through the Workforce Training Express Fund website a minimum of three weeks prior to the start of the course to be eligible. The course code for this program is C-4000. To learn more, click here or contact Julia Ekelund at jekelund@masscpas.org

Highlights

An introduction to special purpose frameworks Authoritative and non-authoritative guidance used to prepare SPF financial statements Common issues in preparing SPF financial statements Cash basis and modified cash basis financial statements Income tax basis financial statements The AICPA’s special purpose framework - FRF for SMEsTM

Designed For

Practitioners and staff involved with the preparation of cash and tax basis financial statements

Objectives

Review the limited authoritative and non-authoritative literature covering special purpose frameworks Learn how to prepare SPF financial statements using the cash, modified cash, and tax basis of accounting Be aware of SPF accounting and presentation issues Review the disclosure requirements for SPF financial statements