Tuesday May 19, 2015
Financial Reporting Framework for Small and Medium Sized Entities
1 Hr CPE - A&A
Carlo Silvesti, MBA, CPA - Assistant Professor, Accounting and Business - Gwynedd Mercy University
The reporting format presented by the AICPA in 2013, is a system the small privately held businesses have been asking for over the last 25 years. It provides a solid reporting format that is more cost efficient to all parties involved. The reporting system will allow businesses and their bankers to be provided with audited information without burdening small businesses with many of the rules and regulations of GAAP, which do not enhance the relationship between the firm and its bankers. We will look at where this reporting format will work, and how it contrasts with traditional GAAP
Assistant professor of accounting and business, Carlo J. Silvesti has been a member of the GMU faculty since 2006. He teaches courses in all aspects of Accounting, including Principles of Management, and Economics. He earned his bachelor's degree in accounting from St. Joseph's University and his master's degree in business administration from Temple University.
Prior to teaching at GMU, Professor Silvesti served as a financial officer for 35 years in several middle market size businesses and taught accounting courses at Cabrini College as an Adjunct Professor. He served as President of the Philadelphia Chapter of the Pennsylvania Institute of Certified Public Accountants (PICPA), and serves on the chapters Colleges and Universities Committee and the Accounting and Auditing committee, and the Nominations Committee. He co-chairs the PICPA state Colleges Committee, and is a member of the American Institute of CPAs.
Professor Silvesti serves on the board of directors for St. John Vianny, a psychiatric facility of Catholic social services of the Archdiocese of Philadelphia. His areas of expertise include individual taxation, managerial accounting and business planning.