OVERVIEW

In this course, we will look at the recent activities of the FASB, the Auditing Standards Board (ASB), and Accounting and Review Services Committee (ARSC) that impact small businesses. We will discuss the impact of the new standards and how you can prepare to implement them in a practical way. The course also includes a deep dive into private company reporting with a look at the Private Company Council as well as the AICPA Financial Reporting Framework for Small and Medium Entities (FRF-SME). In addition, we include the major convergence projects and the impact they will have on the reporting and disclosures for small businesses. This course is tailored to focus on topics primarily impacting smaller entities. It does not cover some of the more complex accounting requirements not commonly found in smaller entities.

HIGHLIGHTS

New Standards that impact small business.

PREREQUISITES

Prior experience with US GAAP or GAAS.

DESIGNED FOR

Accountants in public practice and industry.

OBJECTIVES

Identify accounting standards impacting small business financial reporting. Describe how audit standards will impact the audits of small businesses. Identify reporting options for small businesses.