This four-hour afternoon program is designed to update participants on this AICPA initiative to create an alternative to U.S. GAAP for private reporting entities. This initiative represents a standalone, self-contained special purpose framework (SPF) intended for use by privately-held entities in preparing their financial statements. We will discuss the components of the framework, how it differs from existing U.S. GAAP and income tax basis, choices that are available within the framework, as well as illustrate financial statement formats based on the framework.


Participants will be able to develop a comprehensive understanding and awareness of the AICPA's private company financial reporting initiative.


Accounting and disclosure issues associated with private entities.

Who Will Benefit

CPAs in public practice and accounting and financial professionals in industry who prepare or report on private company financial statements.


Category Amount
Accounting 4.00
Printed Materials must be ordered at least ten days prior to the start of the class.
Yikes, the time is near. Please call NMSCPA at (505) 246-1699 to register.


  • Rebecca M. Lee

    Rebecca Lee, CPA, is a discussion leader for LOSCALZO ASSOCIATES LTD. She was a principal organizer of Brooke, Freeman & Lee, Birmingham, Alabama, in 1982. As the Firm’s audit partner, she is responsible for the Firm’s audit practice and serves as a quality control reviewer for other firms. She has served on numerous AICPA and state society committees including the AICPA Management Consulting Service Professional Practice Subcommittee and Small Business Consulting Practices Subcommittee and is a past member of the Institute’s MAS Executive Committee and Personal Financial Planning Executive Committee. She has chaired both the Management Advisory Committee and the Personal Financial Planning Committee of the Alabama Society of CPAs. She currently serves as Chairman of the South Carolina Association of CPAs’ Continuing Professional Education Committee. She holds a BS degree in Accounting from Jacksonville State University, Jacksonville, Alabama, along with a Masters Degree in Accounting from Birmingham Southern College, Birmingham, Alabama. Ms. Lee is a discussion leader for all staff level audit training programs as well as, other accounting and auditing technical courses. She is a frequent speaker at CPA conferences, and has lectured extensively in the area of management advisory services at professional meetings and seminars for state societies and the American Institute of CPAs. Ms. Lee has served as professor of management accounting in the graduate studies (Master in Public and Private Management) program at Birmingham-Southern College. She is a member of the Alabama Society of CPAs, the South Carolina Association of CPAs and the AICPA.

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