Alternatives to GAAP can be more useful, relevant, consistent, and cost-effective for countless non-SEC registered businesses. This course provides the practical information you need to prepare financial statements presented in accordance with a “special purpose framework” (SPF) (previously known as other comprehensive basis 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.
Learning Objectives: When you complete this course you will be able to:
Describe the types of entities for which a SPF basis of accounting is most appropriate.
Recognize the main differences between the most common accounting methods used under GAAP and several SPFs.
Identify the steps to prepare financial statements, both statements and disclosures, in accordance with SPFs.
Define how to prepare audit, compilation, and review reports for financial statements presented in accordance with a SPF.
Special Purpose Framework options
Differences between GAAP and Special Purpose Frameworks
Presentation and disclosures
Audit, compilation, and review reports
Financial Reporting Framework for small-medium sized entities