Knoxville Account Fest: Non-GAAP Financial Statement Options: Cash, Modified Cash, and Tax Basis

442  |  Course  |  Basic  |  Scheduled

Description

For many businesses, preparing financial statements using a special purpose framework may provide an alternative to the complexity of U.S. GAAP. This course will provide you with an overview and hands-on application for preparing financial statements using common special purpose frameworks such as tax basis and cash or modified cash basis financial statements. You will learn the unique measurement and disclosure requirements of various Special Purpose Framework (SPF) options using example financial statements and illustrative disclosures. The course also includes common practice issues encountered when preparing SPF financial statements, including disclosure and reporting requirements. We will also review recent updates to the standards for accounting and review services that impact engagements performed on SPF financial statements.

Credits

Number of Credits Type of Credits
4.00 Accounting

Designed For

Practitioners and staff involved with the preparation of cash and tax basis financial statements

Highlights

  • An introduction to special purpose frameworks
  • Authoritative and non-authoritative guidance used to prepare SPF financial statements
  • Common issues in preparing SPF financial statements
  • Cash basis and modified cash basis financial statements
  • Income tax basis financial statements
  • The AICPA's new special purpose framework - FRF for SMEsTM

Objectives

  • Review the limited authoritative and non-authoritative literature covering special purpose frameworks
  • Learn how to prepare SPF financial statements using the cash, modified cash, and tax basis of accounting
  • Be aware of SPF accounting and presentation issues
  • Review the disclosure requirements for SPF financial statements

Prices

Member (Early Bird)
$169.00
Non-Member (Early Bird)
$219.00
Member
$194.00
Non-Member
$244.00
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Instructors

Thomas Newell, CPA

Thomas E. Newell, Jr. (Tom) is a shareholder in the firm of Newell & Newell, P.C., which is located in Columbus, GA. Tom started the firm with his wife, Silvia Newell, CPA in 1986. Prior to that, his public accounting experience included both local firms and international firms.

Tom has performed hundreds of peer reviews and has been involved with the peer review program since 1989. Tom served on the Georgia Society (GSCPA) peer review committees from 1989 to 1993. In 1993, he was selected to be one of the technical reviewers for the Georgia Society Peer Review Program and served for nine years. During his time as technical reviewer, Tom worked with the GSCPA to move the peer review committee from in-person to online meetings. Tom has also served several years on the accounting and auditing committee at the Georgia Society.

Tom has been a presenter at conferences and CPE courses for over 30 years. He has been a frequent presenter for the Georgia Society of CPAs at the Southeastern Accounting Show, Tax Forum (A&A topics), and the Accounting Institute. Tom is also a discussion leader for various continuing education courses on A&A topics for other state societies. He has made presentations at Fortune 500 companies and several government agencies on accounting and auditing, internal controls, and cybersecurity. As a presenter, Tom has been described as a dynamic speaker who is able to take a boring topic (accounting and auditing) and make it interesting.

He was awarded the Surgent Outstanding Discussion Leader Award in 2015, 2016, and 2018, as a result of these skills. Tom was recognized in 2018 by the AICPA as an Outstanding Facilitator for his consistently high evaluations of knowledge and presentation skills. As the world of presentations has been changing, Tom has been a champion of moving to virtual presentations. He was involved in the early years of simulcasting by various state CPA societies, as well as the recording of video and audio self-study courses. Tom is now prepared for the next wave of change toward the totally virtual classroom that simulates a true live classroom experience.

Tom graduated cum laude from Georgia Southwestern College in Americus, GA in 1980.

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