Preparing financial statements for small-to- medium-sized private businesses in accordance with generally accepted accounting principles (GAAP) issued by the Financial Accounting Standards Board (FASB), or preparing financial statements using a “Special Purpose Framework” (SPF), such as cash or tax basis often involves complex measurement and disclosure considerations. This course addresses many frequently encountered disclosure issues associated with the preparation of financial statements for non-public small to medium-sized businesses. The instructor will address participants’ disclosure questions, along with showing participants how to research disclosures. While not required, consider bringing your computer along with access to the internet in order to gain a “hands on” approach to researching disclosures.
Learning Objectives
- Upon completion of this course you will:
- Identify the types of frequent disclosures found in the financial statements of non-public small to medium-sized businesses.
- Recall the various ways to research disclosure requirements for non-public small to medium-sized businesses using the FASB Codification and other tools.
- Recognize the additional disclosure requirements needed when preparing the financial statements of non-public small to medium-sized businesses using a SPF.
Major Topics
- Researching techniques using the FASB Codification, the AICPA, and the SEC’s website.
- Frequent disclosure requirements such as
- Contingencies, risks, and uncertainties
- Commitments
- Related party transactions
- Accounting policies
- Subsequent events
- Comprehensive income
- Revenue recognition – (types of disclosure requirements under the NEW standard)
- Leases (types of disclosure requirements under the NEW standard)
- Frequent GAAP deficiencies found in the financial statements of non-public small to medium-sized businesses
- And much more!