Join us for a discussion of the new framework guidance developed by the AICPA for privately held entities as well as a discussion of when and how this framework can save time and resources in the accounting process.
This discussion leads to an understanding of when it is desirable and acceptable to make a change from GAAP to the accrual basis accounting method developed by the AICPA. The course gives an overview of the new method as well as tips on convincing external users of the financial statements of the advantages of making a change
Learning Objectives:
- Explore the history of why and how the financial reporting framework came to be developed
- Identify the impact on both internal and external users
- Discover the cost and reporting benefits of making a change
- Explore the structure along with similarities and differences with GAAP
Why Should You Attend:
Accountants and other financial professionals who deal with privately held entities wishing to reduce the cost and reporting burden that exists with reporting using Generally Accepted Accounting Principles should become familiar with the AICPA's recently developed accrual basis framework of accounting.
Areas Covered
The framework is built upon a foundation of reliable and comprehensive accounting principles
- Historical cost is the primary measurement basis
- Disclosures are reduced, while still providing users with the relevant information they need
- Familiar and traditional accounting methods are employed
- Adjustments needed to reconcile tax return income with book income are reduced
- The framework is a principles based framework, usable across industries by incorporated and unincorporated entities
- The framework contains less complicated, leaner, relevant financial reporting principles for small and medium size entities (SMEs)
- Only financial statement matters that are typically encountered by SMEs are addressed in the framework
Instructor
Candace Leuck is owner of Athena Finance Group, Inc. specializing in strategic planning, distressed entity recovery, valuations, and educational programs. Athena's mission is to pursue and communicate the information clients need. This is accomplished through a cooperative working relationship. Based on solid strategy, the outcome is an expansion of the opportunities of those served.
Candace was associated with Ernst & Young in the tax and then auditing area, serving small, midsized and SEC clients during her tenure. She gained significant experience with various industries including manufacturers, automobile dealerships and securities brokers.
Upon leaving Ernst & Young, Candace pursued and obtained her Masters of Professional Accountancy from Clemson University and proceeded to her career in the educational arena, teaching at Clemson University, Furman University, and the University of North Carolina at Greensboro. She returned to Clemson in the Fall of 2006 and remained through Spring of 2012.
In addition to undergraduate and graduate education, Candace has developed and taught various continuing education courses in both live format and through webcast technology.