2025 Accounting & Auditing Update for Small Businesses
This update course focuses on the accounting and auditing changes that matter most to small businesses. We’ll begin with an overview of the FASB’s Accounting Standards Updates (ASUs) most likely to impact small business entities, followed by insights from the 2024 Private Company Council (PCC) Review and FASB’s Invitation to Comment - Agenda Consultation, which will guide future standard-setting initiatives relevant to small businesses. Next, we’ll explore alternative financial reporting frameworks that may offer practical solutions for small businesses seeking options beyond US GAAP. Finally, we’ll shift to the auditing perspective, examining the new quality management standards that practitioners providing attest services including compilations for small business clients must implement. This session equips you with the insights and tools needed to navigate the evolving landscape of small business accounting and auditing with confidence.
Upon completing this course, a learner will be able to:
- Recall the impact of recently issued accounting standards on private company financial reporting
- Recall the changes made to PCC processes as a result of the 2024 PCC Review
- Identify potential topics identified by advisory groups in the FASB's ITC agenda consultation
- Recognize alternative financial reporting options for private entities
- Identify the components of quality management