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Kaplan University School of Professional and Continuing Education Kaplan University School of Professional and Continuing Education

Special Purpose Frameworks (SPF)

8-Hour Program

WHY ATTEND THIS COURSE?

Find some “relief” from U.S. GAAP standards that are costly to implement and incomprehensible to financial statement users. Practitioners often use alternative frameworks, referred to as special purpose frameworks (SPFs)(formerly OCBOA). This program will:

  • Explore alternatives that permit professional presentations that don’t cut corners, but are still cost efficient
  • Illustrate exactly what is necessary when preparing tax, cash, or modified cash basis financial statements
  • Provide hard-to-find report, presentation, and disclosure examples
  • Address the SSARS 21-23 provisions as they relate to special purpose frameworks

The tax aspects of this course have been updated to reflect the impacts of the new Tax Cuts and Jobs Act.

DESIGNED FOR...

Practitioners in public practice and CPAs in industry who are responsible for the preparation of non-public, financial statements where special purpose frameworks or special purpose presentations can be beneficial.

OBJECTIVE

Participants will be able to:

  • Address the issues unique to special purposes
  • Determine when special purpose frameworks or special presentations are appropriate
  • Distinguish between circumstances when special purpose frameworks or U.S. GAAP departures are the most appropriate
  • Distinguish the pros and cons of each framework
  • Prepare special purpose presentations
  • Learn changes in tax basis resulting from the Tax Cuts and Jobs Act of 2017 (TCJA)

MAJOR SUBJECTS

  • When is a presentation a special purpose frameworks or a U.S. G AAP departure
  • The AICPA’s Financial Reporting Framework for Small- and Medium-Sized Entities (FRF for SMEs)
  • Common book versus tax differences (updated for TCJA of 2017)
  • Tax basis financials—what to do with non-taxable and non-deductible items
  • Disclosure rules for SPFs
  • Statement of cash flows in SPFs
  • Using special purpose presentations
  • Contractual and regulatory frameworks
  • Using U.S. GAAP departures
  • Common special purpose frameworks deficiencies

COURSE ACRONYM: SPF

PRESENTATION METHOD: Group-live

LEVEL OF KNOWLEDGE: Basic

PREREQUISITES:

  • None

ADVANCE PREPARATION: None

FIELD OF STUDY: Accounting

RECOMMENDED CPE CREDIT: 8 hours


NOTE: This course is available as an 8-hour and 4-hour program:

  • Special Purpose Frameworks (SPF)
  • Tax Basis and Other Special Purpose Frameworks Presentations (SPF4)

CPE Sponsor icon

SmartPros®, A Kaplan Company and Loscalzo Institute, A Kaplan Company are registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.