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 general principles for the statements of financial position, operations, and cash flow. It also describes the very brief guidance in the framework for derivatives and sales of financial assets. Treatment of changes in accounting principle and correction of errors is described. Upon completion of this course, you will 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.