- NY Credits : 8.0
- TX Credits : 8.0
This interactive self-study course discusses reporting requirements for financial statements using special purpose frameworks, and unique issues encountered by certain types of special entities that use them. Lesson 1 discusses considerations for compilation and review reports, auditor's reports, as well as various other reporting situations. Lesson 2 examines special entities, such as nonprofit organizations and estates and trusts, and some of the specialized accounting and reporting issues related to their use of special purpose framework financial statements.
Course Expiration Date: October 31, 2022
Please note, the grading fee for answer sheets submitted by regular mail is $119.
Identify the required elements of compilation and review reports, how lack of independence affects reporting, financial statements that omit substantially all disclosures, material measurement departures, and using various emphasis paragraphs.
Recognize how modifications are made to the auditor's standard reports.
Identify other reporting situations, such as reporting on regulatory and contractual basis financial statements, use of Form 990 and prescribed forms, and preparing personal financial statements using various bases of accounting.
Determine how the use of a special purpose framework could affect the financial statements of a nonprofit organization.
Identify considerations for estates and trusts using special purpose framework financial statements.
Recognize how financial statements may be affected when using a special purpose framework.
Lesson 1—Reporting on Special Purpose Framework Financial Statements
Lesson 2—Special Entities