AICPA Financial Reporting Framework for SMEs and Special Purpose Framework

Get a comprehensive review of current accounting standards that impact practitioners in industry. Recent auditing pronouncements and related developments which affect CPAs in industry will be addressed. While the course will review many of the major pronouncements of the past ten years, coverage and emphasis will be customized to the interests of the participants. Choose the topics to be covered in this seminar based on your interests.

Learning Objectives
  • Describe the fundamentals underlying FRF for SMEs, including the components of a complete set of financial statements
  • Effectively transition to FRF for SMEs from other bases of accounting
  • Review the limited authoritative and non-authoritative literature covering SPFs
  • Understand how to prepare SPF financial statements using the modified cash, income tax basis of accounting, contractual basis, regulatory basis, etc.
  • Identify SPF accounting and presentation issues and review the disclosure requirements for SPF financial statements

Major Topics
  • Financial statement concepts and the foundation for reporting under the FRF for SMEs and Special Purpose Frameworks
  • Advantages of using FRF for SMEs and Special Purpose Frameworks
  • Transitioning from U.S. GAAP to FRF for SMEs / Special Purpose Frameworks
  • Key differences between the Frameworks

Who Should Attend

Accountants, practitioners, financial managers, and CPAs involved with the preparation, review, or attestation of financial statements for small to medium-sized privately-held entities

Fields of Study



Business Learning Institute

CPE Credits


This course is available for your group as:


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