GAAP Alternatives: Old and New Issues (Completed)

Problems with GAAP Alternatives or Other Comprehensive Basis of Accounting (OCBOA) have been prevalent for a long period of time in the accounting profession. This is primarily due to a lack of understanding about what are the principles involved in OCBOA, how does OCBOA relate to GAAP, and what are the differences between GAAP and OCBOA. Financial reporting frameworks have for years focused on accrual, tax, and cash basis of accounting.

Today there are new players like the FRF for SMEs, Estimated Value Basis for Personal Financial Statements, and the Liquidation Basis. All of these are discussed in this presentation.

Further, the AICPA’s new GAAP Alternative (OCBOA), Financial Reporting Framework for Small and Medium Sized Entities (FRF for SMEs) will be compared to the tax basis of accounting and GAAP. The participants will hear about new FASB pronouncements that may impact OCBOA and the impact of International Financial Reporting Standards (IFRSs) on OCBOA.

Issues involving reporting problems, documentation, and specific situations where the GAAP Alternatives are not appropriate to be used will be dealt with.

Who Should Attend
CPAs with an interest in private company accounting and auditing issues involving GAAP Alternatives and OCBOA, including those in public practice, management and accounting; professional employees in industry; officers, board members; and professionals with an interest for clients, friends or employers.

Topics Covered

• Accrual
• Tax
• Cash
• Liquidation
• FRF for SMEs
• Related Updates for these engagements

Learning Objectives

• Differentiate between Financial Framework for Small and Medium Sized Entities and the Tax basis of Accounting and GAAP
• Recognize the new FASB pronouncements that may impact OCBOA and the impact of International Reporting Standards on OCBOA

Level
Update

Instructional Method
Group: Internet-based

NASBA Field of Study
Accounting (2 hours)

Program Prerequisites
Basic knowledge of GAAP.

Advance Preparation
None