Financial Reporting Framework for Small and Medium-sized Entities—Part 1, Overview (08-11-26)- A/V

CPE Credit: 2 hours

This webinar will address the presentation of the statements of operations and cash flows under the FRF for SMEs, as well as the principles for presenting certain account classifications in the statements.

Learning Objectives:

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

1. Identify the purpose, scope, and fundamental characteristics of the AICPA Financial Reporting Framework for Small- and Medium-Sized Entities (FRF for SMEs), including its status as a special purpose framework.

2. Explain the recognition, measurement, and presentation principles applicable to financial statements prepared using the FRF for SMEs, including accrual accounting, materiality, and fair presentation concepts.

3. Distinguish key accounting and financial reporting requirements of the FRF for SMEs from U.S. GAAP, including the treatment of goodwill, intangible assets, investments, leases, and market value measurements.

4. Compare selected FRF for SMEs accounting alternatives with U.S. GAAP requirements for income taxes, employee benefit obligations, revenue recognition, stock-based compensation, and going-concern considerations.

5. Explain the FRF for SMEs requirements and alternatives applicable to subsidiaries, consolidations, business combinations, financial statement presentation, and related disclosures.

6. Determine when the FRF for SMEs may be an appropriate financial reporting framework and identify key considerations and elections involved in transitioning an entity from another reporting framework to the FRF for SMEs.