2024 Accounting & Auditing Update for Small Businesses
For many small businesses, the standards issued by the FASB may have little to no effect as they impact topics that do not reflect the type of transactions that these entities most frequently experience. This class will focus on the Accounting Standards Updates (ASUs) that are most likely to impact small businesses with a focus on ASUs initiated by the Private Company Council (PCC). We'll then look at alternative reporting options to GAAP including FRF for SMEs and IFRS for SMEs for entities who don't necessarily need to prepare GAAP financial statements but want to use accrual accounting. Finally, we will transition to audit standards that small business auditors will need to implement.
Upon completing this course, learners will be able to:
- Recall ASUs impacting small businesses
- Identify reporting options for small entities other than GAAP
- Recognize the changes to quality required of small firms
- Recall the elements of the IAASB's LCE standard
- Identify the financial reporting impact of modification of lease contracts
