Non-GAAP Financial Statement Options: Cash, Mod Cash & Tax Basis [CMT4]

Full Description

Non-GAAP Financial Statement Options: Cash, Modified Cash, and Tax Basis (CMT4)

September 19th, 2024 / 12:30 pm 4:00 pm

Westmark Fairbanks Hotel & Conference Center
813 Noble Street
Fairbanks, AK 99701

For many businesses, preparing financial statements using a special purpose framework may provide an alternative to the complexity of U.S. GAAP. This course will provide you with an overview and hands-on application on preparing financial statements using common special purpose frameworks such as tax basis and cash or modified cash basis financial statements. You will learn the unique measurement and disclosure requirements of various Special Purpose Framework (SPF) options using example financial statements and illustrative disclosures. The course also includes common practice issues encountered when preparing SPF financial statements, including disclosure and reporting requirements. We will also review recent updates to both audit and SSARS standards that impact engagements performed on SPF financial statements.

Major Topics:
- An introduction to special purpose frameworks
- Authoritative and non-authoritative guidance used to prepare SPF financial statements
- Common issues in preparing SPF financial statements
- Cash basis and modified cash basis financial statements
- Income tax basis financial statements
- The AICPAs special purpose framework FRF for SMEsTM

Learning Objectives:
- Review the limited authoritative and non-authoritative literature covering special purpose frameworks
- Learn how to prepare SPF financial statements using the cash, modified cash, and tax basis of accounting
- Be aware of SPF accounting and presentation issues
- Review the disclosure requirements for SPF financial statements

Designed For: Practitioners and staff involved with the preparation of cash and tax basis financial statements

CPE Credits: 4, Accounting

Level of Knowledge: Basic

Prerequisite: None

Acronym: CMT4

Discussion Leader: Randy Milligan, CPA

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