GAAP has become too complex for many small and private entities. As an alternative, many entities have adopted special purpose frameworks (formerly called OCBOA). This program guides entities through the acceptable methods of non-GAAP financial statements, the advantages and disadvantages of each, and presentation of the statements and disclosures.
Learning Objectives
• Determine multiple frameworks
• Understand when there is a need for special purpose frameworks (SPFs)
• Recognize how to properly present and disclose such frameworks
Major Topics
• Tax basis
• Cash and modified cash
• Contractual
• Regulatory
• Financial Reporting Framework for Small and Medium sized Entities (FRF for SMEs)
• Red-flags in fraud
