This course addresses frequently encountered disclosures associated with the preparation of private company financial statements prepared in accordance with generally accepted accounting principles (GAAP) issued by the Financial Accounting Standards Board (FASB), or a "Special Purpose Framework"; (SPF), such as cash or tax basis. Learn to research presentation and disclosure requirements and examples using the FASB Codification and other resources. Understand frequent disclosure requirements such as contingencies, risks and uncertainties, accounting policies, revenue recognition, leases, credit losses, impairment, fair value, and much more. Know the additional disclosure requirements needed when preparing private company financial statements using a special purpose framework, such as cash or tax basis.
Learning Objectives
Identify the types of frequent disclosures found in the financial statements of private companies such as contingencies, risks and uncertainties, accounting policies, revenue recognition, leases, credit losses, impairment, fair value, and much more Recall ways to research private company disclosure requirements using the FASB Codification and other free resources Recognize the additional disclosure requirements needed when preparing financial statements using a special purpose framework
Major Topics
Common Private Company Accounting Policy Disclosures Numerous Sample Lease and Revenue Disclosures Unique OCBOA Disclosure Requirements and examples Research TechniquesÂ
