Special Purpose Frameworks – The Alternative to GAAP

3 Credits: Accounting


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Special Purpose Frameworks – The Alternative to GAAP

Course Level
CPE Credits

3 Credits: Accounting

Course Description

Generally Accepted Accounting Principles (GAAP) has become increasingly complex due to the changing environment. While this complexity is justified in many situations, many entities find that the cost does not justify the benefits. As a result, many entities look at an alternative to GAAP and turn to Special Purpose Frameworks. In this course we will look at the most popular alternative frameworks as well as some new and other interesting frameworks. We’ll also spend time on the theory that should go into your decision- making when deciding to use a Special Purpose Framework.

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Learning Objectives

Upon completion of this course, the participant should be able to:

  • Define Special Purpose Frameworks and provide examples.
  • Explain the differences between Special Purpose Frameworks and OCBOA.
  • Explain the purpose of general-purpose financial statements.
  • Explain what make financial statements useful.
  • Apply a methodology for deciding on footnotes for a Special Purpose Framework.
  • Cite the authoritative guidance for Special Purpose Frameworks.
  • Define 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.
  • Explain the theory behind regulatory and contractual bases of accounting.
  • Explain the major elements of IFRS-SME.
  • Explain the major elements of FRF-SME.
  • Apply resources for preparing financial statements under FRF-SME.
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Course Specifics

Course ID
Revision Date
May 8, 2023

Basic Accounting

Advanced Preparation


Compliance Information

NASBA Provider Number: 103220

CMA Notice: Western CPE makes every attempt to maintain our CMA CPE library, to ensure a course meets your continuing education requirements please visit Insitute of Management Accountants (IMA)

CFP Notice: Not all courses that qualify for CFP® credit are registered by Western CPE. If a course does not have a CFP registration number in the compliance section, the continuing education will need to be individually reported with the CFP Board. For more information on the reporting process, required documentation, processing fee, etc., contact the CFP Board. CFP Professionals must take each course in it’s entirety, the CFP Board DOES NOT accept partial credits for courses.

Meet The Experts

Jeff Sailor Headshot

Jeff Sailor, CPA, received a master’s degree in accounting from the University of Florida. Upon graduation, he joined the auditing staff at Peat Marwick in Jacksonville, Florida, where he worked on a large number of national accounts. Jeff has managed his own accounting firm in Ocala, Florida, since 1984. During that time, he has also developed unique auditing approaches and auditing software. Since 1992, Jeff has been teaching accounting and auditing courses he developed to combat traditional “boring CPE.” Using a variety of creative teaching methods sprinkled with humorous video spoofs, Jeff is able to combine his in-depth accounting insights …