Course ID: SPF

Special Purpose Frameworks

Find some “relief” from U.S. GAAP standards that are costly to implement and incomprehensible to financial statement users. Practitioners often use alternative frameworks, referred to as special purpose frameworks (SPFs) (formerly OCBOA). This program will: • Explore alternatives that permit professional presentations that don’t cut corners, but are still cost efficient • Illustrate exactly what is necessary when preparing tax, cash, or modified cash basis financial statements • Provide hard-to-find report, presentation, and disclosure examples • Address the SSARS 21-23 provisions as they relate to special purpose frameworks


LEARNING OBJECTIVES
  • Participants will be able to:
  • Address the issues unique to special purposes
  • Determine when special purpose frameworks or special presentations are appropriate
  • Distinguish between circumstances when special purpose frameworks or U.S. GAAP departures are the most appropriate
  • Distinguish the pros and cons of each framework
  • Prepare special purpose presentations

MAJOR TOPICS
  • When is a presentation a special purpose frameworks or a U.S. G AAP departure
  • The AICPA’s Financial Reporting Framework for Small- and Medium-Sized Entities (FRF for SMEs)
  • Common book versus tax differences
  • Tax basis financials-what to do with non-taxable and non-deductible items
  • Disclosure rules for SPFs
  • Statement of cash flows in SPFs
  • Using special purpose presentations
  • Contractual and regulatory frameworks
  • Using U.S. GAAP departures
  • Common special purpose frameworks deficiencies

DESIGNED FOR
Practitioners in public practice and CPAs in industry who are responsible for the preparation of non-public, financial statements where special purpose frameworks or special purpose presentations can be beneficial.

FIELD OF STUDY
Accounting

PREREQUISITES
None

COURSE PRODUCER
Loscalzo Associates

CPE CREDITS
8.0

LEVEL
Basic

This course is available for your group as:

Group Live
 

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