Private Company Financial Reporting Update

  • Credits: 2
  • Format: Self-Study eBook
  • Field of Study: Accounting
  • Author/Speaker: Lanford Publishing
Available Formats:
Advanced Preparation: None
Experience Level: Overview
Program Prerequisites: General Understanding of Accountancy
Course ID: LP-317
Published Date: © June 2018
COURSE DESCRIPTION

The difference in the financial reporting needs of private and public companies is a topic that has been studied at various times over the years. This course will provide an update on recent projects and activities focusing on private company financial reporting. As background for the update, the standard-setting process will be reviewed.

The recent committees and panels that have studied private company financial reporting issues will be outlined along with the considerations and actions leading up to the Financial Accounting Foundation’s creation of the Private Company Council. The American Institute of Certified Public Accountants’ plan for a new Financial Reporting Framework for Small – and Medium-sized Entities will also be reviewed.

The International community experienced similar private company reporting issues as those raised in the U.S. This course will review how the International Accounting Standards Board addressed the issue with a discussion of IFRS for SMEs. The differences between IFRS for SMEs and U.S. GAAP along with the considerations regarding a U.S. private company’s use of IFRS for SMEs will also be reviewed.

Topics include:
  • Private Company Financial Reporting Considerations
  • Accounting Standard Setting
  • Private Company Initiatives
  • Financial Reporting Framework for Small and Medium-sized Entities
  • U.S. Companies Use of IFRS for SMEs

Learning Objectives:

After reading the course material, you will be able to:

  • Identify the concerns and issues regarding private company financial reporting.
  • Recognize the accounting standard-setting process.
  • Recognize the various private company financial reporting initiatives that have occurred.
  • Identify the role of the Private Company Council and the FASB regarding private company standard-setting.
  • Recognize IFRS, IFRS for SMEs, and the considerations regarding U.S. companies' use of IFRS for SMEs.

Who Should Attend:
  • All Certified Public Accountants (CPAs)

Qualifies and Approved with all State Boards of Accountancy and the following sponsorship’s:
NASBA