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FINANCIAL REPORTING FRAMEWORK FOR SMALL- AND MEDIUM-SIZED ENTITIES Charles B. Hall, CPA, CFE, MAcc Saturday, September 14, 13

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  • 1. FINANCIAL REPORTING FRAMEWORK FOR SMALL- AND MEDIUM-SIZED ENTITIES Charles B. Hall, CPA, CFE, MAcc Saturday, September 14, 13

2. SMALL GAAP In a 1983 graduate class at UGA, I remember discussing the possibility of small GAAP...30 years later we have some resolution. Saturday, September 14, 13 3. COMPLEXITY OF GAAP Saturday, September 14, 13 4. COMPLEXITY OF GAAP Variable Interest Entities Saturday, September 14, 13 5. COMPLEXITY OF GAAP Variable Interest Entities Fair Value Accounting Saturday, September 14, 13 6. COMPLEXITY OF GAAP Variable Interest Entities Fair Value Accounting Reporting Uncertain Tax Positions Saturday, September 14, 13 7. COMPLEXITY OF GAAP Variable Interest Entities Fair Value Accounting Reporting Uncertain Tax Positions Hedge Accounting Saturday, September 14, 13 8. COMPLEXITY OF GAAP Variable Interest Entities Fair Value Accounting Reporting Uncertain Tax Positions Hedge Accounting Just to name a few.... Saturday, September 14, 13 9. BLUE RIBBON COMMITTEE Recommendation: Separate Standard Setting Body Saturday, September 14, 13 10. FAFS RESPONSE Not in This Lifetime (at least thats what it sounded like to me) Saturday, September 14, 13 11. AICPAS RESPONSE Yes, Now (Were tired of waiting) Saturday, September 14, 13 12. FRF FOR SMES Financial Reporting Framework for Small- to Medium-Sized Entities Saturday, September 14, 13 13. FRF FOR SMES Saturday, September 14, 13 14. FRF FOR SMES Mixture of tax-basis and GAAP Saturday, September 14, 13 15. FRF FOR SMES Mixture of tax-basis and GAAP But its not considered GAAP Saturday, September 14, 13 16. FRF FOR SMES Mixture of tax-basis and GAAP But its not considered GAAP Will provide for simpler reporting than GAAP Saturday, September 14, 13 17. FRF FOR SMES Mixture of tax-basis and GAAP But its not considered GAAP Will provide for simpler reporting than GAAP Designed for private companies Saturday, September 14, 13 18. REAL GAAP Private Company Council (PCC) Saturday, September 14, 13 19. PRIVATE COMPANY COUNCIL Saturday, September 14, 13 20. PRIVATE COMPANY COUNCIL Will recommend exceptions to GAAP for private companies Saturday, September 14, 13 21. PRIVATE COMPANY COUNCIL Will recommend exceptions to GAAP for private companies FASB still has the nal say Saturday, September 14, 13 22. PRIVATE COMPANY COUNCIL Will recommend exceptions to GAAP for private companies FASB still has the nal say Is considered GAAP Saturday, September 14, 13 23. GOT GAAP? If GAAP is required, PCC GAAP works for private companies Saturday, September 14, 13 24. COMPARISON Framework Benets Negatives FRF for SME Less complicated Not GAAP GAAP (via PCC) Is GAAP Still complicated Saturday, September 14, 13 25. CONTACT Charles B. Hall 478-330-5248 [email protected] Saturday, September 14, 13


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