FRF for SMEs

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Auditing Special Purpose Frameworks: Operating Expenses—Part 1

This article discusses basic accounting principles for operating expenses under the FRF for SMEs. Lease accounting is also covered. Part 2 will address basic auditing procedures.
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Auditing Special Purpose Frameworks: Auditing Revenues—Part 2

The first part discussed the principles of revenue recognition under the FRF for SMEs. This part will focus on auditing issues, including some common questions auditors should ask.
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Auditing Special Purpose Frameworks: Auditing Revenues—Part 1

Recognizing revenue under the FRF for SMEs requires completion of performance of a transaction and reasonable assurance of collection of invoices and billings.
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Auditing Special Purpose Frameworks: Accounts Payable and More

Covered here are accounts payable, accrued expenses, long-term debt, and pension obligations; note that differences may arise in the future for capitalized lease obligations.
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Auditing Special Purpose Frameworks: Auditing Property and Equipment

Property, plant, and equipment are recorded under the FRF for SMEs in a similar manner to U.S. GAAP—that is, at acquisition costs. These costs include purchase prices and more.
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Auditing Special Purpose Frameworks: Auditing Investments

There are major differences between U.S. GAAP and the FRF for SMEs affecting the audit of investments. Goodwill and intangible assets are just some of the areas with differences.
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Auditing Special Purpose Frameworks: Inquiries

Inquiries are recognized in the auditing standards along with other types of tests and are normally the most cost efficient of all auditing procedures. Responses provide information useful from start to finish.
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Auditing Special Purpose Frameworks: Reviewing Prior-Year Audit Documentation

If you want to get the right answers in an audit, you have to ask the right questions, and that requires a prior-year review.
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Auditing Special Purpose Frameworks - Part 10: Planning and Performing the Audit

The effectiveness of an auditor’s planning process ultimately determines the efficiency with which an engagement can be performed. Following is an outline of some of the initial steps in planning an engagement, called the “preplanning phase.”
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Auditing Special Purpose Frameworks - Part 9: Clarified Auditing Standard

CPA Larry Perry provides a step-by-step approach to performing small audits of financial statements prepared using special purpose frameworks.
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Auditing Special Purpose Frameworks - Part 8: Stock-based Comp, Business Combinations, and More

Continuing to lay a foundation for developing audit strategies and audit plans, this article presents more comparisons of significant requirements in US GAAP and the AICPA’s "Financial Reporting Framework for Small- and Medium-Sized Entities" (FRF for SMEs).
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Auditing Special Purpose Frameworks - Part 7

The foundation for a cost-beneficial audit strategy is an auditor’s knowledge of the principles in a reporting entity’s applicable financial reporting framework, the framework selected and used in its financial reporting system.
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Auditing Special Purpose Frameworks - Part 6

In the newest installment of his series, CPA Larry Perry looks at how lease accounting and income tax accounting differ within US GAAP and the American Institute of CPAs "Framework for Small- and Medium-Sized Entities."
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Auditing Special Purpose Frameworks - Part 5

The fifth installment in this series looks at how investments, fair value accounting, and derivatives differ within US GAAP and the American Institute of CPAs "Financial Reporting Framework for Small- and Medium-Sized Entities."
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Auditing Special Purpose Frameworks - Part 4

To continue laying the foundation of principles for commonly used financial reporting frameworks, this article presents how key issues differ within US GAAP and the American Institute of CPAs "Financial Reporting Framework for Small- and Medium-Sized Entities."
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Auditing Special Purpose Frameworks - Part 3

The last article in this series summarized four basic principles for the income tax basis. Other basic principles for this basis are presented in this article.
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Auditing Special Purpose Frameworks - Part 2

This series focuses both on general audit requirements applicable to all financial reporting frameworks as well as specific requirements relevant to two special purpose frameworks – the income tax basis and the AICPA’s FRF for SMEs basis.
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AICPA Releases Decision Tool on Accounting Frameworks

The AICPA released a decision tool to help privately held businesses determine which accounting framework, including the "Financial Reporting Framework for Small- and Medium-Sized Entities" (FRF for SMEs), best meets their financial reporting needs.
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NASBA and AICPA Reconcile Differences on FRF for SMEs

The NASBA and the AICPA have put aside their differences regarding the non-US GAAP financial reporting framework the AICPA introduced last month, and they have teamed on a decision-making tool that will help small businesses decide whether the framework is right for them.
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Survey: Almost Half of CPAs Know about AICPA FRF for SMEs

Nearly half of CPAs say they are familiar with the new Financial Reporting Framework for Small- and Medium-Sized Entities (FRF for SMEs) released by the AICPA on June 10, according to a recent special report by Thomson Reuters.

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