June 18, 2021 12:00pm – 3:30pm Map & Directions 602-252-4144

Webcast: Financial Statements for the Simple Business Entity

Online registrations are currently closed, please call (602) 324-6847 for additional registration options

Description

Preparing GAAP financial statements can be treacherous. GAAP has become so voluminous and complex that it is all too easy to overlook accounting, reporting, and disclosure requirements, potentially affecting the accountants' liability. Nonpublic entities, however, are not necessarily required to apply GAAP and there are less complex financial reporting frameworks that may be much easier to apply without sacrificing the quality of financial reporting. Even when applying GAAP, the less complex business entity may find that numerous requirements, including disclosures, are not relevant to users of their financial statements, may not be material to users, and often overshadow the information that is most relevant. This course will present alternative accounting frameworks that may be more suitable for the simpler business entity including the AICPA's Financial Reporting Framework for Small to Medium-Sized Entities (FRF for SMEs) and the modified cash basis of accounting. We will also discuss approaches to GAAP, including developing disclosure checklists unique to each set of financial statements, identifying when disclosures may be omitted or complex accounting approaches may be avoided, and how to document those decisions to minimize adverse effects. When the cost of financial reporting to the small business enterprise exceeds the benefits, entities will lose the motivation to issue financial statements that are in conformity with GAAP and both the business entities and the related capital markets suffer. This course provides alternatives that help alleviate that dilemma.

Location

ASCPA Live Online Webcast
Phoenix, AZ 85034-6617

Registration Time

11:30am

Fees

Member:
$160
Non-CPA Staff:
$210
Non-CPA Staff (100% club):
$160
Non-CPA Staff (sole proprietor):
$160
Non-Member:
$210
Webcast
Accounting & Auditing
4

Objectives

Identify alternatives to GAAP that may simplify accounting and reporting without sacrificing quality Develop disclosure checklists that are unique to each set of financial statements improving efficiency Learn how to save time in selecting and writing disclosures, while improving the effectiveness Understand how to document accounting and disclosure decisions to satisfy peer reviewers and users of financial statements

Course Level

Intermediate

Vendor

CalCPA Education Foundation More With This Vendor

Designed For

Independent and internal accountants with responsibility for preparing financial statements and disclosures.

Prerequisites

Basic understanding of financial statements.

Highlights

Accounting for simple business entities FRF for SMEs and other alternatives to GAAP Avoiding the pitfalls and costs of GAAP reporting and disclosure requirements Documenting accounting decisions to minimize potential liability

Notes

Accounting and Financial Statements

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