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Special Purpose Frameworks: Preparing and Reporting on Cash, Modified Cash, and Tax Basis Financial Statements (CMCT)

  • Format Live Seminar
  • Credits 8
  • Level Basic
  • Field of Study Accounting (8)

To register for a live seminar, visit the sponsoring state society’s website.

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Overview

For many businesses, preparing financial statements using a special purpose framework (SPF) may provide an alternative to the complexity of U.S. GAAP. This course will provide you with a comprehensive review and hands-on application for preparing and reporting on financial statements using a special purpose framework. You will learn the unique measurement and disclosure requirements of various SPF options, using example financial statements and illustrative disclosures. You will be introduced to the AICPA's new SPF for small and medium-sized entities: FRF for SMEsTM. The course will also guide you through SPF engagements from acceptance and planning to reporting, highlighting common practice issues.

Major Topics

  • An introduction to special purpose frameworks
  • Authoritative and non-authoritative guidance used to prepare SPF financial statements
  • Common issues in preparing SPF financial statements
  • Cash basis and modified cash basis financial statements
  • Income tax basis financial statements
  • The AICPA’s new special purpose framework – FRF for SMEsTM
  • Accepting and planning SPF financial statement engagements
  • SPF peer review issues

Learning Objectives

  • Review the limited authoritative and non-authoritative literature covering special purpose frameworks
  • Learn how to prepare and report on SPF financial statements using the cash, modified cash, and tax basis of accounting
  • Be aware of SPF accounting and presentation issues
  • Review the disclosure requirements for SPF financial statements
  • Understand SPF reporting requirements

Who should take this course:


Practitioners and staff involved with the preparation of cash and tax basis financial statements

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None

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