NAA2507. Alternative Accounting Frameworks

U.S. GAAP isn't the best financial reporting framework for all entities and it's a common peer review finding when financial statements are prepared in accordance with special purpose frameworks (such as, income tax basis, cash-basis and modified cash-basis). This session will cover the special purpose frameworks that are available, how they differ from U.S. GAAP, and the common peer review findings.

Learning Objectives:

• The attendees will understand the differences between special purpose frameworks.
• The attendees will understand the reporting requirements in AICPA Professional Standards when financial statements are prepared in accordance with a special purpose framework.
• The attendees will be aware of the common peer review findings for special purpose frameworks.