The document provides an overview of the Financial Reporting Framework for Small- and Medium-Sized Entities (FRF for SMEs). It defines FRF for SMEs as a non-GAAP framework intended for small to medium private companies. The document discusses key features of FRF for SMEs, including that it uses a historical cost basis, provides options for certain accounting policies, and requires only targeted disclosures. It also summarizes CPAs' positive experiences in implementing FRF for SMEs and the generally favorable response from bankers and clients. Finally, the document compares some accounting areas under FRF for SMEs and U.S. GAAP.
Financial Reporting Framework for Small and medium-sized entities. AICPA financial statements for privately held firms. AICPA has announced a new financial reporting framework which makes more sense for small entities than GAAP statements.
The document discusses maximizing revenue through contract compliance and licensing reviews. It provides an overview of what a license compliance program is and its objectives, such as protecting intellectual property, ensuring accurate reporting and payments, and identifying incremental revenue opportunities. The document outlines keys to designing and implementing an effective compliance program, including gaining management support, understanding existing agreements, developing controls and processes, and systematically enforcing compliance through reviews. It also discusses how contract language impacts revenue and compliance, emphasizing the importance of clear definitions, audit rights, and other terms.
This document provides an overview of the key differences between GAAP (Generally Accepted Accounting Principles) and IFRS (International Financial Reporting Standards). GAAP is the standard used in the United States, while IFRS is used in over 110 other countries. Some similarities include how inventory, revenue recognition, and financial statement presentation are handled. However, there are significant differences in areas like ratios, inventory valuation methods, and level of rules/principles. While GAAP is more rules-based, IFRS is more principles-based. The document also discusses advantages and disadvantages of each standard and how different countries may prefer one over the other depending on factors like laws, regulations and religious beliefs.
Bovill outsourcing bcp and client money and assets 16 aug16bovill
This document summarizes the key points from MAS' consultation paper on enhancing the protection of customer money and assets. It discusses proposed changes to strengthen requirements around the definition of customer money, due diligence on banks holding customer accounts, appointing custodians, recovery packs, daily computations and restrictions on re-hypothecation of customer assets. The proposals aim to increase operational demands on licensees, with a focus on proper documentation, controls and oversight of how customer money and assets are held, invested and protected.
This document outlines principles for investment reporting developed by CFA Institute. It aims to provide guidance for complete, consistent and transparent reporting to clients by financial institutions. The principles are intended to address gaps and lack of transparency in current industry practices. They seek to improve understanding between report preparers and users by facilitating dialogue on report content and format. The five key principles stress the importance of communication between preparers and users to ensure reports meet user needs and expectations. Adopting these principles could help rebuild trust between clients and financial firms and help harmonize reporting standards globally.
The document discusses Denmark allowing small businesses called reporting class B enterprises to choose an extended review over an audit. An extended review provides less assurance than an audit since auditors perform fewer procedures. It is an alternative meant to reduce administrative burdens for small businesses. The document provides details on who qualifies for an extended review and differences between an audit and review. It also gives examples of three common types of businesses and what they typically choose.
Business travel is essential to growing your business—whether for building your network, or having a face-to-face meeting with that dream client, a work trip can mean the difference between a good year and a great one.
Financial Reporting Framework for Small and medium-sized entities. AICPA financial statements for privately held firms. AICPA has announced a new financial reporting framework which makes more sense for small entities than GAAP statements.
The document discusses maximizing revenue through contract compliance and licensing reviews. It provides an overview of what a license compliance program is and its objectives, such as protecting intellectual property, ensuring accurate reporting and payments, and identifying incremental revenue opportunities. The document outlines keys to designing and implementing an effective compliance program, including gaining management support, understanding existing agreements, developing controls and processes, and systematically enforcing compliance through reviews. It also discusses how contract language impacts revenue and compliance, emphasizing the importance of clear definitions, audit rights, and other terms.
This document provides an overview of the key differences between GAAP (Generally Accepted Accounting Principles) and IFRS (International Financial Reporting Standards). GAAP is the standard used in the United States, while IFRS is used in over 110 other countries. Some similarities include how inventory, revenue recognition, and financial statement presentation are handled. However, there are significant differences in areas like ratios, inventory valuation methods, and level of rules/principles. While GAAP is more rules-based, IFRS is more principles-based. The document also discusses advantages and disadvantages of each standard and how different countries may prefer one over the other depending on factors like laws, regulations and religious beliefs.
Bovill outsourcing bcp and client money and assets 16 aug16bovill
This document summarizes the key points from MAS' consultation paper on enhancing the protection of customer money and assets. It discusses proposed changes to strengthen requirements around the definition of customer money, due diligence on banks holding customer accounts, appointing custodians, recovery packs, daily computations and restrictions on re-hypothecation of customer assets. The proposals aim to increase operational demands on licensees, with a focus on proper documentation, controls and oversight of how customer money and assets are held, invested and protected.
This document outlines principles for investment reporting developed by CFA Institute. It aims to provide guidance for complete, consistent and transparent reporting to clients by financial institutions. The principles are intended to address gaps and lack of transparency in current industry practices. They seek to improve understanding between report preparers and users by facilitating dialogue on report content and format. The five key principles stress the importance of communication between preparers and users to ensure reports meet user needs and expectations. Adopting these principles could help rebuild trust between clients and financial firms and help harmonize reporting standards globally.
The document discusses Denmark allowing small businesses called reporting class B enterprises to choose an extended review over an audit. An extended review provides less assurance than an audit since auditors perform fewer procedures. It is an alternative meant to reduce administrative burdens for small businesses. The document provides details on who qualifies for an extended review and differences between an audit and review. It also gives examples of three common types of businesses and what they typically choose.
Business travel is essential to growing your business—whether for building your network, or having a face-to-face meeting with that dream client, a work trip can mean the difference between a good year and a great one.
The document discusses the Financial Reporting Framework for Small- and Medium-Sized Entities (FRF for SMEs). It provides an overview of the framework, including that it was created as an additional non-GAAP framework for small businesses as an alternative to tax-basis or other special purpose frameworks. The framework aims to provide relevant, cost-effective financial reporting for small business owners and users of their financial statements in a simplified manner compared to GAAP.
McGladrey/AICPA presentation at September 2014 Global Manufacturing ConferenceBrian Marshall
Update on important new accounting and reporting developments over the past year addressing recent technical pronouncements along with accounting projects and proposals from FASB and other standard setters. Topics incude:
- New ASU on revenue recognition
- FASB's recently issued accoutning alternatives for private companies
- Overview of ket, other, new or porposed ASUs
This document provides an overview and summary of International Financial Reporting Standards (IFRSs) for members of the Ethiopian Commodity Exchange (ECX). It discusses why financial reporting standards are important nationally and why organizations conduct financial reporting. It also summarizes the key requirements of general purpose financial statements under IFRSs, including reporting frameworks, objectives of general purpose financial statements, qualitative characteristics of financial reporting, and an overview of important individual IFRSs and IASs. The presentation outlines Ethiopia's phased adoption of IFRSs and the IFRS for SMEs for different types of organizations over three years.
EBITDA and Other Scary Words (Series: MBA Boot Camp)Financial Poise
This webinar explores the ins and outs of financial language and how you can navigate the seeming labyrinth of a language that can sound foreign and in some ways counterintuitive. This webinar teaches the correct use of EBIT, EBITDA and EBITDAR while also dealing with concepts like Cap Rate vs. Capital Cost. This webinar also sheds light on issues with ROI and Payback among other valuation tools and explains what a Cash Conversion Cycle looks like for your business.
To view the accompanying webinar, go to:https://www.financialpoise.com/financial-poise-webinars/ebitda-and-other-scary-words-2021/
This three-day workshop on finance for non-finance professionals will be held from December 14-16, 2019 in Dubai. The workshop aims to help participants without finance backgrounds understand key financial concepts and statements. Participants will learn about financial reporting, analyzing financial statements, detecting fraud, capital budgeting, and forecasting. The facilitator has over 18 years of experience in auditing, accounting, finance, and conducting training courses. The workshop outlines topics to be covered each day and provides registration details.
Financial Reporting Framework for Small and Medium-Sized EntitiesHein & Associates
This document provides an overview of the Financial Reporting Framework for Small- and Medium-Sized Entities (FRF for SMEs). It was developed as a simplified alternative to US GAAP for private companies. Key highlights include that the FRF for SMEs is principles-based, organized in one reference manual, and allows for more flexibility compared to GAAP in areas like consolidation, taxes, leases, and business combinations. The presentation also outlines differences between the FRF for SMEs and GAAP such as the use of market value over fair value, no impairment tests, and more lenient rules for pushdown accounting. Additional resources on the framework are available at the provided website.
Expense Planning: Understanding the Sensibility of Cashvcfo
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In the third installation of vcfo's Budgeting Basics Webinar Series, our panelists discuss the importance of planning for expenses and how to better understand the economics of your business.
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EBITDA and Other Scary Words (Series: MBA Boot Camp 2020) Financial Poise
This webinar explores the ins and outs of financial language and how you can navigate the seeming labyrinth of a language that can sound foreign and in some ways counterintuitive. This webinar teaches the correct use of EBIT, EBITDA and EBITDAR while also dealing with concepts like Cap Rate vs. Capital Cost. This webinar also sheds light on issues with ROI and Payback among other valuation tools and explains what a Cash Conversion Cycle looks like for your business.
To listen to this webinar on demand, go to: https://www.financialpoise.com/financial-poise-webinars/ebitda-and-other-scary-words-2020/
This document discusses challenges facing finance professionals in government and business and the need to transform finance functions to both increase efficiency and provide more strategic business insights. It provides examples of IBM's own finance transformation, where they standardized processes, integrated data and increased analytical capabilities. The document advocates that finance organizations operate more efficiently through standards and integration while also generating deeper business insights through advanced analytics. This allows them to create more value by advising on strategy, managing risks and providing transparency. It also notes the skills finance professionals require are evolving from core accounting to more consultative and analytical roles.
Applying cash flow management strategies part 1 score 12-2-19 final 11-25-19ChloePastorelli
This document outlines topics that will be covered in a two-part presentation on applying cash flow management strategies. Part I will discuss profit versus cash flow, cash flow cycles, key ratios like leverage and debt service coverage, income statements, balance sheets, and statements of cash flow. Part II will cover creating business plans and projections, debt structure strategies, criteria lenders consider, and presenting loan requests to lenders. The document provides definitions and strategies for managing inventory, accounts receivable, accounts payable, liquidity, and reasons why businesses often fail.
AICPA Webcast "Understanding the New Revenue Recognition Standard" presented ...Brian Marshall
This webcast provides an overview of the new revenue recognition standard and will discuss how to prepare for the transition to the converged standard. This webcast will also outline current and planned AICPA resources to help companies transition to the new standard as it has the potential to reverberate through company processes and systems in significant ways.
http://www.cpa2biz.com/AST/Main/CPA2BIZ_Primary/Accounting/PRDOVR~PC-WBC14031N/PC-WBC14031N.jsp#.U58-xpRdWuo
Fssa conference 2014 cfo group unified financial performance managementCFO Group
The document discusses unified financial performance management in the financial services sector. It begins with an agenda covering topics like the needs of financial performance management in financial services. It discusses the pitfalls of multiple financial software products and advocates for a unified approach using a single software platform. The benefits of a unified approach include getting numbers out faster to stakeholders with less effort and cost. Case studies show benefits like improved auditability and decreased risks.
The document discusses the International Financial Reporting Standard (IFRS) for Small and Medium-sized Entities. It defines SMEs as private entities that publish financial statements for external users but do not have public accountability. The objective of SME financial statements is to provide understandable, relevant, reliable and comparable information. IFRS for SMEs was adopted in Nigeria in January 2014 and is used by SME managers/owners, lenders, tax authorities, and trade creditors. SMEs typically have weak internal controls as they are managed informally by owners. The document also compares Nigerian GAAP and IFRS standards for recognition, measurement and presentation of financial information.
Financial management deals with how a firm obtains funds and how it use them.
Financial management is the area of business management that is devoted to the judicious use of capital and a careful selection of sources of capital in order to geared toward attainment of goals
Emes investor presentation for citi 1v1 2014 3ScutifyNewsBits
Emerge Energy Services LP held a presentation at the Citi 1x1 Conference in Las Vegas on August 21, 2014. The presentation discussed Emerge's sand and fuel segments, highlighting its high quality sand reserves and assets, logistics advantages, and growth opportunities through organic expansion and acquisitions. Emerge seeks to generate predictable cash flow growth through long-term contracts for its sand and fuel businesses.
Principal in Charge of Assurance Department at Decosimo Tom Eiseman presented "Back to the Future Part I & II - Plans for Private Company Reporting" at the 2013 Decosimo Accounting Forum hosted by the University of North Alabama on July 19.
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The document discusses the Financial Reporting Framework for Small- and Medium-Sized Entities (FRF for SMEs). It provides an overview of the framework, including that it was created as an additional non-GAAP framework for small businesses as an alternative to tax-basis or other special purpose frameworks. The framework aims to provide relevant, cost-effective financial reporting for small business owners and users of their financial statements in a simplified manner compared to GAAP.
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To view the accompanying webinar, go to:https://www.financialpoise.com/financial-poise-webinars/ebitda-and-other-scary-words-2021/
This three-day workshop on finance for non-finance professionals will be held from December 14-16, 2019 in Dubai. The workshop aims to help participants without finance backgrounds understand key financial concepts and statements. Participants will learn about financial reporting, analyzing financial statements, detecting fraud, capital budgeting, and forecasting. The facilitator has over 18 years of experience in auditing, accounting, finance, and conducting training courses. The workshop outlines topics to be covered each day and provides registration details.
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This document provides an overview of the Financial Reporting Framework for Small- and Medium-Sized Entities (FRF for SMEs). It was developed as a simplified alternative to US GAAP for private companies. Key highlights include that the FRF for SMEs is principles-based, organized in one reference manual, and allows for more flexibility compared to GAAP in areas like consolidation, taxes, leases, and business combinations. The presentation also outlines differences between the FRF for SMEs and GAAP such as the use of market value over fair value, no impairment tests, and more lenient rules for pushdown accounting. Additional resources on the framework are available at the provided website.
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Have you completed your expense planning this year? Do you understand how to set targets for margins and metrics around capital efficiencies? Does your business seek better management of its expenses and cash flow? Do you know how to find extra cash flow in your supplier base and put it back to work in your business?
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This webinar explores the ins and outs of financial language and how you can navigate the seeming labyrinth of a language that can sound foreign and in some ways counterintuitive. This webinar teaches the correct use of EBIT, EBITDA and EBITDAR while also dealing with concepts like Cap Rate vs. Capital Cost. This webinar also sheds light on issues with ROI and Payback among other valuation tools and explains what a Cash Conversion Cycle looks like for your business.
To listen to this webinar on demand, go to: https://www.financialpoise.com/financial-poise-webinars/ebitda-and-other-scary-words-2020/
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AICPA Webcast "Understanding the New Revenue Recognition Standard" presented ...Brian Marshall
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The document discusses the International Financial Reporting Standard (IFRS) for Small and Medium-sized Entities. It defines SMEs as private entities that publish financial statements for external users but do not have public accountability. The objective of SME financial statements is to provide understandable, relevant, reliable and comparable information. IFRS for SMEs was adopted in Nigeria in January 2014 and is used by SME managers/owners, lenders, tax authorities, and trade creditors. SMEs typically have weak internal controls as they are managed informally by owners. The document also compares Nigerian GAAP and IFRS standards for recognition, measurement and presentation of financial information.
Financial management deals with how a firm obtains funds and how it use them.
Financial management is the area of business management that is devoted to the judicious use of capital and a careful selection of sources of capital in order to geared toward attainment of goals
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Principal in Charge of Assurance Department at Decosimo Tom Eiseman presented "Back to the Future Part I & II - Plans for Private Company Reporting" at the 2013 Decosimo Accounting Forum hosted by the University of North Alabama on July 19.
Similar to Innovative financial reporting option for small and mid sized private companies (20)
19. “A new effort to
streamline financial
reporting could help
credit officers make
small-business loans
without studying a
mountain of footnote-
laden documents.”
-American Banker,
1/27/14
“The framework could
help our bank land
small-business
customers…”
‒Banker from MO