Conferences Presenting

Las Vegas December Conference
December 05, 2019
7:30AM - 1:00PM
Rod Redding, Inactive CPA
New York City Conference
December 19, 2019
7:30AM - 10:10AM
Rod Redding, Inactive CPA
Live Event

Course Description

Many private companies struggle with deciding how to prepare their financial statements to meet their obligations of providing audited statements to lending institutions or regulators. Should the statements be prepared following GAAP which has thousands of pages of guidance, much of which is not relative to the company's transactions? Do they try to use the modifications to GAAP made by the Private Company Council and still have many standards to follow that are not applicable to their operations? Maybe use financials prepared under the accrual tax basis as an OCBOA (Other Comprehensive Basis of Accounting)? Maybe switch to the newer OCBOA developed by the AICPA called the Financial Reporting Framework for Small and Medium Sized Entities? Answer these questions and more in this course by Rod Redding. Learn about the history of the basis and how it compares to other GAAP and OCBOA bases. Get the guidance you need in this 189-page framework that allows for efficient preparation of the statements that may be easier to audit. A recent study indicates that banks would tend to lend to low credit risk private companies using the FRF for SMEs more readily than those low risk companies that use the accrual tax basis as well as lending being at a lower interest rate.

Course Specifics


Compliance Information

Qualifies for CA Fraud: No

Learning Objectives

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

  • Understand the events leading up to the development of the Financial Reporting Framework for Small- and Medium-Sized Entities (FRF for SMEs™)
  • Identify the perceptions of lenders to the FRF for SMEs
  • Compare the guidance of FRF for SMEs to other comprehensive bases of accounting and guidance for private companies under the FASB
  • Discuss the general principles of financial statement presentation and accounting policies in FRF for SMEs
  • Identify the method an entity uses to transition its financial statements to FRF for SMEs
  • Cite the principal requirements for preparation of a Statement of Financial Position, the Statement of Operations, and the Statement of Cash Flows under the guidance FRF for SMEs
  • Prepare the accounting (recognition, measurement, and disclosure) for many areas of accounting such as financial assets, financial liabilities, long-lived assets, asset retirement obligations, consolidations, pensions, income taxes and many others

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