||Field Of Study
|Interactive Self Study
Colleen Neuharth McClain, CPA
Private Company Financial Reporting Update
The differences 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.
Who Should Attend: All CPA's
• 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.