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 describes the accounting for retirement and other postemployment benefits and also income taxes. Both areas are noticeably simpler than the corresponding rules in GAAP. Upon completion of this course, the user should be able to: Identify the three accounting policy choices in accounting for retirement other postemployment benefits; Describe the current contribution payable method; Describe the accrued benefit obligation method; Identify the two accounting policy choices in accounting for income taxes; Describe the taxes payable method; Define the deferred income tax method.