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 introduces FRF for SMEs and provides an overview of this accounting model. Topics discussed in include: definition of FRF for SMEs and how it fits into the accounting rules; what type of companies can use FRF for SMEs; general principles; and the transition for opening statement of financial position and disclosures.
Upon completion of this course, you will be able to: Describe where the Financial Reporting Framework for Small- and Medium-Sized Entities. (FRF for SMEs) stands as a financial reporting framework within the other comprehensive bases of accounting; Describe the type of entities for which FRF for SMEs is most appropriate; Describe the basic elements of financial statements; Describe the recognition criteria and primary measurement approach used in FRF for SMEs; Describe the basic approach for disclosures in the framework; Describe the method of transitioning to a first time presentation of financial statements prepared on the basis of FRF for SMEs.