- 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: November 30, 2021
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, when financial statements omit substantially all disclosures, when there are material measurement departures, and how accountants should use various emphasis paragraphs in compilation and review reports.
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.
Determine how the use of a special purpose framework could affect the financial statements of a nonprofit organization, and a professional service entity.
Identify considerations that should be made when estates and trusts use special purpose framework financial statements.
Recognize how an individual’s personal financial statements will be affected when they use a special purpose framework.
Lesson 1—Reporting on Special Purpose Framework Financial Statements
Lesson 2—Special Entities