2024 Accounting & Auditing Update for Small Businesses

Overview

For many small businesses, the standards issued by the FASB may have little to no effect as they impact topics that do not reflect the type of transactions that these entities most frequently experience. This class will focus on the Accounting Standards Updates (ASUs) that are most likely to impact small businesses with a focus on ASUs initiated by the Private Company Council (PCC). We’ll then look at alternative reporting options to GAAP including FRF for SMEs and IFRS for SMEs for entities who don’t necessarily need to prepare GAAP financial statements but want to use accrual accounting. Finally, we will transition to audit standards that small business auditors will need to implement.

This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.

Course Instructor: Melisa F. Galasso, CPA

Highlights

The major topics that will be covered in this course include:

Accounting Standards Updates (ASUs) that are most likely to impact small businesses
ASUs initiated by the Private Company Council (PCC).
Alternative reporting options to GAAP including FRF for SMEs and IFRS for SMEs
Audit standards that small business auditors will need to implement.

Prerequisites

Prior experience with GAAS & GAAP

Designed For

Accountants in public practice or industry

Objectives

After attending this presentation, you will be able to...

Recall ASUs impacting small businesses
Identify reporting options for small entities other than GAAP
Recognize the changes to quality required of small firms

Preparation

None

Notice

This course is provided by a third-party vendor. Please note that login instructions will not be available in the ‘My Upcoming CPE’ section of the NESCPA website. Instead, the login instructions will be sent directly to you via email by CPA Crossings. Upon completing the course, your hours will be recorded in the ‘My CPE Tracker’ section of the NESCPA website.