Financial Reporting Framework for Small and Medium-sized Entities—Part 2, Statement of Financial Position (08-14-26)- A/V

CPE Credit: 2 hours

This course will address the presentation of the statement of financial position under the FRF for SMEs, as well as the principles for presenting certain account classifications in the statement.

Learning Objectives:

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

1. Identify the presentation and classification requirements for the statement of financial position prepared using the FRF for SMEs, including appropriate financial statement titles and disclosure of the reporting framework.

2. Apply FRF for SMEs accounting principles to current assets and current liabilities, including cash and cash equivalents, receivables, inventories, prepaid expenses, income taxes, deferred revenues, and short-term obligations.

3. Determine the appropriate recognition, measurement, and disclosure treatment for inventories, intangible assets, property and equipment, and investments under the FRF for SMEs.

4. Distinguish the accounting and disclosure requirements applicable to long-term obligations, commitments, contingencies, guarantees, and equity transactions under the FRF for SMEs.

5. Evaluate whether the FRF for SMEs is an appropriate financial reporting framework based on the nature of the entity and the financial information needs of management and known financial statement users.