Skip to main content

Financial Statements for the Simple Business Entity 2024

-

Add to Calendar

CalCPA Webcasts

Online, OK 00000

Get Directions

4.00 Credits

Member Price $159

Non-Member Price $209

Overview

Preparing GAAP financial statements can be treacherous. GAAP has become so voluminous and complex that it is easy to overlook accounting, reporting and disclosure requirements, potentially affecting the accountants’ liability. Nonpublic entities, however, are not necessarily required to apply GAAP, and there are less complex financial reporting frameworks that may be much easier to apply without sacrificing the quality of financial reporting. Even when using GAAP, the less complicated business entity may find that numerous requirements, including disclosures, need to be more relevant to users of their financial statements, may not be material to users, and often overshadow the most pertinent information. This course will present alternative accounting frameworks that may be more suitable for the more straightforward business entity, including income tax basis and the modified cash basis of accounting. We will also discuss approaches to GAAP, including developing disclosure checklists unique to each set of financial statements, identifying when disclosures may be omitted or complex accounting approaches may be avoided, and how to document those decisions to minimize adverse effects. When the cost of financial reporting to the small business enterprise exceeds the benefits, entities will lose the motivation to issue financial statements that conform with GAAP, and both the business entities and the related capital markets suffer. This course provides alternatives that help alleviate that dilemma.

Highlights

  • Accounting for simple business entities
  • Income tax, modified cash basis and other alternatives to GAAP
  • Avoiding the pitfalls and costs of GAAP reporting and disclosure requirements
  • Documenting accounting decisions to minimize potential liability

Prerequisites

Basic understanding of financial statements.

Designed For

Independent and internal accountants with responsibility for preparing financial statements and disclosures for nonpublic entities.

Objectives

  • Identify alternatives to GAAP that may simplify accounting and reporting without sacrificing quality
  • Develop disclosure checklists that are unique to each set of financial statements, improving efficiency
  • Learn how to save time in selecting and writing disclosures while improving the effectiveness
  • Understand how to document accounting and disclosure decisions to satisfy peer reviewers and users of financial statements

Preparation

None

Leader(s):

Leader Bios

Robert Bedwell, Surgent McCoy CPE, LLC

Bob Bedwell, CPA, is an Audit and Advisory Principal at Mallah Furman, with over 35 years of audit and accounting experience. Bob regularly assists clients with a full range of corporate audit and assurance services, including financial statement preparation, auditing, SEC reporting, mergers, acquisitions, divestitures, due diligence, financing regulatory compliance, accounting system oversight, internal controls, IFRS conversions, Sarbanes-Oxley compliance advisory, and the independent review of external data.
Bob has been a discussion leader on numerous topics for the Florida Institute of Certified Public Accountants, as well as for the firms for which he has worked, and has received high evaluations for his knowledge of topics and presentation skills.
Bob received his Bachelor of Science in Accounting and Finance from Upsala College in East Orange, New Jersey, and has also earned a Masters in Accounting from Florida Atlantic University. Licensed as a Certified Public Accountant in Florida, Bob is a member of the Florida Institute of Certified Public Accountants (FICPA) and the International Association of Practicing Accountants (IAPC). He has previously served as chairman of the FICPA Accounting Principles and Auditing Standards Committee.

Return to Top

Non-Member Price $209

Member Price $159