Attestation Update – A&A for CPAs

Technical stuff for CPAs providing attestation services

Posts Tagged ‘FRF-SMEs

Want some free CPE course material? Not for credit, but for learning? Included is some material I wrote.

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Cover of course courtesy of CCH.

Cover of course courtesy of Wolters Kluwer/CCH.

CCH (Wolters Kluwer) makes the material for some of its courses available for no charge.

If you want CPE credit there is a fee for grading the exam and awarding credit. However, if your goal is learning the materials are available gratis.

(Cross-post from my other blog, Nonprofit Update.)

As I write this post, the following materials available:

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Written by Jim Ulvog

February 11, 2016, 7:50 am at 7:50 am

Posted in Audits

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10 most popular posts at CPA-Scribo

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Charles Hall has posted a list of the most popular posts at his blog, CPA-Scribo. I heartily recommend all of the following. Pick a few and dive in. You will learn a lot. I promise. Read the rest of this entry »

Written by Jim Ulvog

February 2, 2015, 8:11 am at 8:11 am

More good stuff for auditors – 11/10

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A few articles of interest to auditors. Uh oh – perhaps IFRS isn’t completely dead. A couple of ideas on social media.

11/6 – Wall Street Journal – New SEC Chief Accountant Weighing Switch to Global Accounting RulesRead the rest of this entry »

Written by Jim Ulvog

November 10, 2014, 9:20 am at 9:20 am

Posted in Accounting, Social media

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6 CPE courses on FRF for SMEs and 1 on PCC arriving soon

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I’ve written another batch of CPE courses for CCH.

Six one-hour modules delve into the Financial Reporting Framework for Small- and Medium-Sized Entities. That’s an entirely new reporting framework separate from GAAP that will allow for simplified reporting by smaller business entities.

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Written by Jim Ulvog

October 8, 2014, 7:28 am at 7:28 am

Posted in Accounting

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FAQs on FRF for SMEs

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At CPA-Scribo, Charles Hall, CPA, covers FRF for SME – The Lowdown.

In a Q&A format, he provides background on the new alternative to GAAP for small, owner-managed, closely held businesses.

Best part of the post is a listing of 16 key points of the new framework. Check out the post for some of the major ideas in FRF-SME.

Here are some highlights of the Q&A: Read the rest of this entry »

Written by Jim Ulvog

August 19, 2013, 8:46 am at 8:46 am

Posted in Accounting

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Where could FRF-SMEs possibly have value? A galaxy far, far removed from the one that swirls around the SEC.

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There is another teeming galaxy beyond that of the publicly traded SEC-supervised companies and their PCAOB inspected auditors.

Professor Tom Selling discusses the bickering between the AICPA and NASBA over FRF-SMEs in his post, The AICPA’s Financial Reporting Framework: How Low Should a Profession Go?  He concluded:

NASBA, in so many words, is telling the AICPA that the FRF is beneath the dignity and responsibilities of the CPA.

I’ve been wanting to talk about the FRF-SME framework and some of the comments floating around.  The post above, and my brief comment there, is the springboard to this:

What is beyond the SEC galaxy?

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Written by Jim Ulvog

July 16, 2013, 9:23 am at 9:23 am

Posted in Accounting, Pondering

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More background on FRF-SMEs, the ‘small GAAP’

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The webinar on the AICPA’s version of “small GAAP” mentioned earlier is rolled into a JofA article: A Quest for Relevance.

Check out the article for a summary of the new rules that can be used for small business accounting that avoid much of the extra complexity of GAAP.

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Written by Jim Ulvog

December 10, 2012, 7:16 am at 7:16 am

Posted in Accounting

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The so-called ‘small GAAP’ from AICPA is gonna’ be great. It’s actually called financial reporting framework for small- and medium sized entities and it’s not GAAP, but you get the point.

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Just finished watching a webinar from the AICPA, Financial Reporting Framework for Small- and Medium-sized Entities FRF for SMEs

This framework, FRF-SME, will be extremely helpful for owner-managed businesses.

If you’ve been waiting for “small-GAAP” for a decade or three, it has finally arrived.  This will be one of two ways you can get to simpler, easier financial statements.

I will provide a few random thoughts on key ideas from the webinar.

Overall goal

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Written by Jim Ulvog

November 16, 2012, 9:23 am at 9:23 am

Posted in Accounting

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“Small GAAP” is almost here – AICPA releases draft of reporting framework

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It’s been under discussion since I was in college. I hear tell it has been discussed for around 40 years.

What is “it”?

Small GAAP. Some set of accounting rules that aren’t as complicated as GAAP and are more useful for smaller, simpler organizations.  Something without fair value, variable interest entities, or derivative accounting so complex you need a new master’s degree to understand it.

There are two versions of a small GAAP on the horizon. One from FASB and the other from the AICPA.

This week the AICPA released the exposure draft of Proposed Financial Reporting Framework for Small- and Medium-Sized Entities.  At the moment that’s going to be called FRF for SMEs.

I think this is going to be a very big deal.

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Written by Jim Ulvog

November 2, 2012, 13:49 pm at 1:49 pm

Posted in Accounting

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