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Defining Issues: AICPA Releases Financial Reporting Framework for Small- and Medium-Sized Entities

Jun 13, 2013
From the Financial Reporting View

This edition of Defining Issues reports that the AICPA recently released its Financial Reporting Framework for Small- and Medium-Sized Entities (FRF for SMEs). Unlike the FASB and its Private Company Council’s initiative to provide modifications or exceptions to U.S. GAAP for private companies that issue U.S. GAAP financial statements, the FRF for SMEs is an other comprehensive basis of accounting (OCBOA) special-purpose framework for private entities that do not need and are not required to issue GAAP financial statements.

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