The AICPA has issued its new, special-purpose Financial Reporting Framework for Small- and Medium-Sized Entities (FRF for SMEs™). This groundbreaking framework was developed to provide comprehensive, meaningful, efficient, and, importantly, cost effective financial reporting for the 20 million owner-managed companies now operating in the United States. In this course, you'll learn about the key differences between FRF for SMEs, other special-purpose frameworks, IFRS for SMEs, and GAAP. FRF for SMEs is principles-based and focused on private companies that don't need GAAP financial statements. For example, FRF for SMEs uses historical cost and doesn't require application of comprehensive income rules. Because FRF for SMEs has undergone public comment and professional scrutiny over many years of vetting by the profession, users of financial statements, and standard-setting organizations, its rapid, widespread adoption is expected. The framework has no effective date and, therefore, is available immediately. This course will help you become an early adopter of this powerful, client-oriented framework.
Upon successful completion of this course, participants will be able to:
- Identify the events leading up to the development of the Financial Reporting Framework for Small- and Medium-Sized Entities (FRF for SMEs™)
- Cite the responsibilities of the FASB Private Company Council
- Identify the role of concept statements
- List the components of financial statements
- Identify 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 under the guidance FRF for SMEs
- List tenants of equity classification in the Statement of Position in FRF for SMEs
- List the principles for recognizing and measuring financial assets and financial liabilities in FRF for SMEs
- Identify the treatment of long-lived assets in FRF for SMEs
- Identify the separate line items contained in the statement of operations
- List the components of the statement of cash flows under FRF for SMEs
- Identify the treatment of commitments, asset retirement obligations, subsequent events, and contingencies in FRF for SMEs
- Cite the principles for the preparation of consolidated financial statements and for accounting for a noncontrolling interest in a subsidiary in consolidated financial statements subsequent to a business combination
- Cite the principles and requirements for an acquirer to recognize and measure in its financial statements the identifiable assets acquired, the liabilities assumed, and any noncontrolling interest in an acquiree
- Cite the principles for accounting for interests in joint ventures and the reporting of joint venture assets, liabilities, revenue, and expenses in the financial statements
- Cite the principles for the recognition, measurement, and disclosure of the cost of retirement and other post-employment benefits in FRF for SMEs
- Cite the principles for the recognition, measurement, presentation, and disclosure of income and refundable taxes in an entity's financial statements under FRF for SMEs
- Identify the accounting requirements for lessees and for lessors under FRF for SMEs
- Cite the principles for the measurement and disclosure of related party transactions in the financial statements in FRF for SMEs
- Cite the principles for the recognition, measurement, and disclosure of nonmonetary transactions in FRF for SMEs
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