Course ID: BLO

Big GAAP, Little GAAP and AICPA’s Framework for SMEs Compared What Direction Should we take w/Financial Reporting

Standards overload has been a long-running problem for smaller companies. Recently, decisions were made to develop two different approaches to standard setting for private companies. This course explains, compares, and evaluates the three approaches that are now available for smaller companies that are looking for more cost-effective and meaningful reporting. Extensive examples and illustrations will be used to illustrate the alternatives available.

Learning Objectives

  • Gain an understanding of how the problem of standards overload affects private companies and their capital providers
  • Learn about the alternative reporting frameworks available to private companies for preparing financial statements
  • Upon completion of this course, participants will be able to:
  • Compare the costs and benefits of full GAAP, GAAP for Private Companies, and AICPA’s Reporting Framework
  • Explore the differences in key areas of reporting

Major Topics

  • GAAP and the needs of private companies today
  • Why one-size-fits-all no longer works
  • How do we select a reporting framework?
  • The three frameworks contrasted: Recognition, measurement, presentation, and disclosure
  • PCC’s exceptions and modifications approach – Progress to date
  • AICPA’s financial reporting framework for small- to medium-sized entities – tools and implementation guidance
  • What works best in the difficult reporting area

Who Should Attend

Preparers and accountants in public practice who need to guide their clients in selecting the financial reporting framework that will best meet their needs over the coming years. Controllers of private companies who need to choose a reporting model

Fields of Study



Prior learning experience or experience in financial reporting framework standards for SMEs


Business Learning Institute

CPE Credits




This course is available for your group as:


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