Accounting & Auditing Update for Small Businesses (4 hours)

In this course, we will look at the recent activities of the FASB, the Auditing Standards Board (ASB), and Accounting & Review Services Committee (ARSC) that impact small businesses. We will discuss the impact of the new standards and how you can prepare to implement them in a practical way. The course also includes a deep dive into private company reporting with a look at the Private Company Council as well as the AICPA Financial Reporting Framework for Small & Medium Entities (FRF-SME). This course, updated in 2020, is tailored to focus on topics primarily impacting smaller entities and thus it does not cover some of the more complex accounting requirements not commonly found in smaller entities.

• Identify accounting standards impacting small business financial reporting
• Describe the changes to audit standards  that will impact the audits of small businesses
• Recognize reporting options for small businesses.

• Small business accounting
• Small business auditing
• Recent activites of ASB & ARSC