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Alternatives to GAAP: Using Special Purpose Frameworks

Author/Moderator: Jennifer H. Elder, CPA, CMA, CFF, CGMA
Publisher: AICPA
Availability: Online Access
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Alternative accounting reporting methods can be more useful, relevant, consistent, and cost-effective for countless non-SEC registered businesses than other methods. This CPE course will help you better understand how to prepare and report on financial statements presented in accordance with a "special purpose framework" (SPF) (previously known as Other Comprehensive Basis of Accounting).

In addition, this course is also a valuable tool in increasing your awareness of all the financial reporting options that are available to your clients. It discusses the cash basis, modified cash basis, income tax basis, and AICPA's Financial Reporting Framework for Small and Medium-Sized Entities and reviews differences between GAAP and SPFs.

Topics Discussed

  • Special Purpose Framework options
  • Differences between GAAP and Special Purpose Frameworks
  • Presentation and disclosures
  • Audit, compilation, and review reports
  • Audit, compilation, and review procedures
  • Clarity standard AU-C Section 800 requirements
  • Financial Reporting Framework for Small and Medium-Sized Entities

Learning Objectives

When you complete this course, you will be able to:

  • Describe the types of entities for which a SPF basis of accounting is most appropriate
  • Explain the main differences between the most common accounting methods used under GAAP and several SPFs
  • Identify the steps to prepare financial statements and disclosures in accordance with SPFs
  • Recognize procedures performed in audits, reviews, and compilations of SPF financial statements
  • Prepare appropriate audit, compilation, and review reports for financial statements presented in accordance with a SPF

Who Will Benefit?

  • Industry accountants and CPAs who are involved with financial statements presented in accordance with a special purpose financial reporting framework

Prerequisite: None

Advance Preparation: None

NASBA Field of Study: Accounting
Level: Basic
Recommended CPE Credit: 9.5
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