Implementing the new revenue and lease accounting standards presents difficulties and commitments of resources which can be avoided by preparing financial statements under the Financial Reporting Framework for Small- and Medium-Sized Entities (FRF for SMEs). For the great many private companies that are not required to follow U.S. GAAP, the FRF for SMEs is an ideal financial reporting option that produces financial statements that management and bankers can use and rely upon. Hear from a CPA practitioner who has converted clients to the FRF for SMEs and learn about those experiences, as well as what the FRF for SMEs is all about.
1) Gain a comprehension of the fundamental principles of the FRF for SMEs
2) Gain a comprehension of how the FRF for SMEs differs from other accounting frameworks
3) Learn how to transition financial statements to the FRF for SMEs