CPA Continuing Education Class: Financial Statements for the Simple Business Entity

Preparing GAAP financial statements can be treacherous. GAAP has become so voluminous and complex that it is all too easy to overlook accounting, reporting, and disclosure requirements, potentially affecting the accountants’ liability. Nonpublic entities, however, are not necessarily required to apply GAAP and there are less complex financial reporting frameworks that may be much easier to apply without sacrificing the quality of financial reporting. Even when applying GAAP, the less complex business entity may find that numerous requirements, including disclosures, are not relevant to users of their financial statements, may not be material to users, and often overshadow the information that is most relevant. This course will present alternative accounting frameworks that may be more suitable for the simpler business entity including the AICPA’s Financial Reporting Framework for Small to Medium-Sized Entities (FRF for SMEs) and the modified cash basis of accounting. We will also discuss approaches to GAAP, including developing disclosure checklists unique to each set of financial statements, identifying when disclosures may be omitted or complex accounting approaches may be avoided, and how to document those decisions to minimize adverse effects. When the cost of financial reporting to the small business enterprise exceeds the benefits, entities will lose the motivation to issue financial statements that are in conformity with GAAP and both the business entities and the related capital markets suffer. This course provides alternatives that help alleviate that dilemma.

When: June 18th, 2021 @ 12pm – 3:30pm

Where: ASCPA Learning Center
ASCPA Live Online Webcast
(602) 252-4144

For more information about this event, please click here

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