Generally Accepted Accounting Principles (GAAP) have become increasingly complex. While these complexities are justified in many situations, many entities find that the cost does not justify the benefits. Consequently, many entities have turned to special purpose frameworks. In this course, we will look at a variety of popular and new alternative frameworks. Instructor Jeff Sailor also discusses theories involved in choosing the best special purpose framework to fit your and your clients' needs.
Upon completion of this course, the participant will be able to:
- Define special purpose frameworks.
- Recognize the differences between special purpose frameworks and OCBOA.
- Specify the purpose of general-purpose financial statements.
- Identify what make financial statements useful.
- Cite the authoritative guidance for special purpose frameworks.
- Recognize the four primary categories of special purpose frameworks.
- Decide when it would be appropriate to use a special purpose framework.
- Apply the cash, modified cash and tax bases of accounting.
- Restate the theory behind regulatory and contractual bases of accounting.
- Recall the major elements of IFRS-SME.
- Apply resources for preparing financial statements under FRF-SME.
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