:: WesternCPE - Webcasts ::

Big GAAP vs. Little GAAP: Private Company Financial Reporting

NASBA Field of Study:

Accounting

1 CPE Credits

Prerequisites:

Advance Preparation:

Review "Technical Requirements/Support."

Level:

Basic

Course Description

Over the last 40 years, whether private companies should use separate GAAP for the preparation of financial statements has been hotly debated. And now, the issuance of the Blue Ribbon Panel (BRP) report in January 2011 has brought this controversy to the forefront. Join Rod Redding as he presents the highlights of the BRP report along with information on the deliberation between the AICPA and FASB on whether there should be a new board to establish GAAP for private companies. This informative course will help you better understand the recommendations of the BRP and sort through the pros and cons of the opposing sides. Finally, you’ll learn how you might be involved in the process.

Learning Objectives

Upon successful completion of this course, participants will be able to:

Outline the key events related to private company financial reporting GAAP.
List BRP objectives.
Discuss the two primary recommendations of the Blue Ribbon Panel.
Discuss prior studies and recommendations.
Assess proposed recommendations in depth.
Assess proposed recommendations in depth.
Explain key areas of concern.
Describe models and structures studied.
Explain the pros, cons, and dissenting views related to private company financial reporting GAAP.
Describe relevant actions taken by the AICPA and FASB.
Interpret FAF comment letters.