CPE Self-Study

Alternatives to GAAP: Using Special Purpose Frameworks

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    Alternatives to GAAP: Using Special Purpose Frameworks Availability : Online Access Product #: 163581
    AICPA Member: $129.00
    Non-Member: $169.00
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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.

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

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

Who Will Benefit?

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

System Requirements

About the Authors

Jennifer H. Elder, CPA, CMA, CIA, CFF, CGMA, MS

Plymouth, New Hampshire

Jennifer Elder, CPA, CMA, CIA, CFF, CGMA helps businesses solve tough problems with strategic solutions. She is a business generalist and an accounting expert who can make the complicated simple, awesomely simple. For more than 20 years, she has been helping businesses focus on their core values and strengths to transform inefficiency and chaos into a profitable entity with an energized team.

As keynote speaker, trainer, and business coach, Jennifer is known for being energetic and enthusiastic. She has conducted seminars for the Fortune 500, the US Government, State CPA Societies, and CPA firms in 42 states and 2 countries.

Jennifer is a published author, was named a "2015 Woman to Watch" by the AICPA and MACPA, and has been an Outstanding Educator by the AICPA for the past three years. When not on the road teaching, she lives on her boat with her husband and two cats in Baltimore, Maryland.

Kenneth Garrett, CPA

Ray Whittington, Ph.D., CPA, CMA, CIA

About the Publisher

American Institute of CPAs

The American Institute of CPAs (AICPA) is the world’s largest member association representing the CPA profession, with more than 418,000 members in 143 countries, and a history of serving the public interest since 1887. AICPA members represent many areas of practice, including business and industry, public practice, government, education and consulting.

The AICPA sets ethical standards for the profession and U.S. auditing standards for private companies, nonprofit organizations, federal, state and local governments. It develops and grades the Uniform CPA Examination, and offers specialized credentials for qualified professionals who concentrate on personal financial planning; forensic accounting; business valuation; and information management and technology assurance. With The Chartered Institute of Management Accountants (CIMA), it offers the Chartered Global Management Accountant (CGMA) designation, which sets the global benchmark for quality and recognition in management accounting.

The AICPA and CIMA also make up the Association of International Certified Professional Accountants (the Association), which represents public and management accounting globally, advocating on behalf the public interest and advancing the quality, competency and employability of CPAs, CGMAs and other accounting and finance professionals worldwide.

The AICPA maintains offices in New York, Washington, DC, Durham, NC, and Ewing, NJ.