Non-GAAP Financial Statement Options: Cash, Modified Cash & Tax Basis
Overview
For many businesses, preparing financial statements using a special purpose framework may provide an alternative to the complexity of U.S. GAAP. This course will provide you with an overview and hands-on application in preparing financial statements using common special purpose frameworks such as tax basis and cash or modified cash basis financial statements. You will learn the unique measurement and disclosure requirements of various Special Purpose Framework (SPF) options using example financial statements and illustrative disclosures. The course also includes common practice issues encountered when preparing SPF financial statements, including disclosure and reporting requirements. We will also review recent updates to both audit and SSARS standards that impact engagements performed on SPF financial statements.
Highlights
An introduction to special purpose frameworks.
Authoritative and non-authoritative guidance used to prepare SPF financial statements.
Common issues in preparing SPF financial statements.
Cash basis and modified cash basis financial statements.
Income tax basis financial statements.
The AICPA’s special purpose framework — FRF for SMEs.
Prerequisites
None
Designed For
Practitioners and staff involved with the preparation of cash and tax basis financial statements.
Objectives
Review the limited authoritative and non-authoritative literature covering special purpose frameworks.
Learn how to prepare SPF financial statements using the cash, modified cash and tax basis of accounting.
Be aware of SPF accounting and presentation issues.
Review the disclosure requirements for SPF financial statements.
Preparation
None
Leader(s):
Leader Bios
Thomas Sheets, Sole Proprietor
Tom Sheets, CPA, has more than 32 years of experience in auditing and tax return preparation for businesses and individuals. He established his own consulting, tax and accounting practice in Enid, Okla. He provides consulting, auditing and tax planning and preparation services for a wide variety of individual clients and industries. Tom started with a Big Eight accounting firm in Tulsa, Okla. and then was with a large, local CPA firm in Enid for 15 years. He has written and led seminars for leading providers of CPE for over 20 years on various topics including real estate accounting, construction accounting and tax, fraud, bank auditing, tax issues for nonprofit organizations, compilation and review, cash and tax basis financial statements, and nonprofit accounting and auditing.
Non-Member Price $245.00
Member Price $199.00