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.
Course ID: BLO
Big GAAP, Little GAAP and AICPA’s Framework for SMEs Compared What Direction Should we take w/Financial Reporting
- Upon completion of this course, participants will be able to:
- 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
- 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
- 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