NAA2609. Non-GAAP Frameworks

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

Learning Objectives:

• Distinguish the differences between special purpose frameworks.
• Analyze the reporting requirements in AICPA Professional Standards when financial statements are prepared in accordance with a special purpose framework.
• Understand the common peer review findings for special purpose frameworks.
• Understand the recent changes to the AICPA's FRF for SMEs.