FRF for SMEs - An Alternative to GAAP - General Issues
Authored by James L. Ulvog, CPA
About this Course
The Financial Reporting Framework for Small- and Medium-Sized Entities (FRF for SMEs) is an alternative to GAAP for small entities who desire a simpler financial reporting framework to present their financial statements. This course covers FRFs for SMEs. It describes the requirements in the framework for inventory, PP&E, discontinued operations, and equity, as well as, general topics of commitments, contingencies, related party transactions, and subsequent events.
Upon completion of this course, the user should be able to: Describe the categories of investment assets and investment income that should be reflected in the financial statements; Describe the criteria for classifying loans as current or long-term; Describe the general principles for recognizing and derecognition financial assets and liabilities; Describe the limited accounting guidance provided for recognition, measurement and disclosure of derivatives; Describe the criteria for recording an accounting changes and the proper accounting; Describe the criteria for correction of a prior period error and the appropriate accounting; Describe the impracticable exception for retrospective restatement of financial statements; Describe the risk and uncertainty disclosures required under the framework.
$ 12.00
Course is unavailable for purchase.
NASBA Field of Study
Accounting
Level
Basic
CPE Credits
1.0
Prerequisites
FRF for SMEs – An Alternative to GAAP – Basic Financial Statements
Last Updated
04/01/2015
CCHL_M_FRF-SME_Gen
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