Non-GAAP Financial Statement Options: Cash, Modified Cash, and Tax Basis (8:30AM-12:00PM)

Description

For many businesses, preparing financial statements using a special purpose framework may provide an alternative to the complexity of U.S. GAAP. This course will provide you with an overview and hands-on application on preparing financial statements using common special purpose frameworks such as tax basis and cash or modified cash basis financial statements. You will learn the unique measurement and disclosure requirements of various Special Purpose Framework (SPF) options using example financial statements and illustrative disclosures. The course also includes common practice issues encountered when preparing SPF financial statements, including disclosure and reporting requirements. We will also review recent updates to both audit and SSARS standards that impact engagements performed on SPF financial statements.

Highlights

  • An introduction to special purpose frameworks
  • Authoritative and non-authoritative guidance used to prepare SPF financial statements
  • Common issues in preparing SPF financial statements
  • Cash basis and modified cash basis financial statements
  • Income tax basis financial statements
  • The AICPA’s special purpose framework – FRF for SMEsTM

Objectives

  • Review the limited authoritative and non-authoritative literature covering special purpose frameworks
  • Learn how to prepare SPF financial statements using the cash, modified cash, and tax basis of accounting
  • Be aware of SPF accounting and presentation issues
  • Review the disclosure requirements for SPF financial statements

Designed For

Practitioners and staff involved with the preparation of cash and tax basis financial statements

Leaders

Curtis Quickel

Curtis is an individual practitioner in Fayetteville, Arkansas. Since 1998, he has traveled the US teaching Continuing Professional Education courses for the AICPA and others. Before establishing his own practice, he worked several years in industry as a Corporate Controller. After 9/11 Curtis spent 9 years on Active Duty with the US Army completing three combat tours to Afghanistan, Iraq and Kuwait. Curt retired as a Lieutenant Colonel in 2013 with a total of 33 years of Active and Reserve service. He is a Past President of the Central Chapter of the Arkansas Society of CPAs and Past Chairman of the Industry and Commerce Committee. Curt is a past recipient of the Arkansas Society of CPAs Outstanding CPA in Government Award.