Financial Reporting Framework for SMEs (CPE Course)

CPE Credit: 3 hours

Course Type: Downloaded PDF materials with online test

Price (with PDF Textbook): $30


Course Description
This course discusses a special-purpose framework to provide simplified, consistent, and relevant financial statements for smaller reporting entities. It uses uncomplicated, consistent, and principles-based accounting that employs simplified disclosures and an increased emphasis on the historical cost basis of accounting.

 


Author: Larry L. Perry

Course Number: AC1102

Table of Contents
Part 1. An Overview
Part 2. Statement of Financial Position
Part 3. Statement of Operations and Related Account Classifications
Part 4. Statement of Cash Flows and Special Issues

Learning Objectives

  • Cite the basic principles and concepts of the FRF for SMEs.
  • Distinguish FRF for SMEs from U.S. GAAP.
  • List the basic elements of financial statements and footnotes for the FRF for SMEs.
  • Recognize when it is appropriate to use the FRF for SMEs.
  • Specify how to transition from another applicable reporting framework to the FRF for SMEs.
  • Recognize the proper presentation format for the statement of financial position under the FRF for SMEs.
  • Identify the basic principles in the FRF for SMEs for presentations and disclosure of certain account classifications in the statement of financial position.
  • Recognize the application of accounting principles and disclosures for commitments and contingencies.
  • Recognize the proper presentation format for the statements of operations under the FRF for SMEs.
  • Specify the basic principles in the FRF for SMEs for presentation and disclosure of certain account classifications in the statements of operations.
  • Recognize the accounting treatment and disclosures for accounting changes and risks and uncertainties.
  • Recognize the proper presentation format for the statement of cash flows under the FRF for SMEs.
  • Cite accounting and disclosure principles for special issues under the FRF for SMEs.

    Level: Overview

    Instructional Method: QAS Self-Study

    NASBA Category: Accounting

    Prerequisites: None

    Advance Preparation: None

    Program Registration Requirements: Click on "Purchase Course" near the top of this page to pay for and access the course. You will then be able to download the course as a PDF file, then take an on-line examination, and then download a certificate of completion if you pass the examination.

    Program Refund Policy: For more information regarding administrative policies concerning complaints, refunds, and other matters, see our policies page.


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    AccountingTools, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have the final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.

    The NASBA sponsor identification number for Accountingtools, Inc. is 115881.


    AccountingTools is an IRS Approved Continuing Education Provider. We are compliant with the requirements for continuing education providers (as described in sections 10.6 and 10.9 of the Department of Treasury’s Circular No. 230 and in other IRS guidance, forms, and instructions). Our IRS Approved Continuing Education Provider number is 72821.