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Understanding the Financial Reporting Framework for Small- and Medium-Sized Entities - AICPA Alert

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With the release of the Financial Reporting Framework for Small- and Medium-Sized Entities (FRF for SMEs), the AICPA has developed this Alert to build awareness and understanding of this new non-GAAP financial reporting framework available for immediate adoption.

Who will benefit from this Alert?

  • B&I financial managers to help evaluate whether FRF for SMEs is right for their business.
  • Smaller and regional accounting firms to assist small business clients with understanding the benefits of FRF for SMEs where the client is not required to prepare financial statements in accordance with U.S. GAAP.
  • Financial statement users, such as bankers, to help their clients comfortably understand why the FRF for SMEs may be a good financial reporting option for the customer as well as the bank.

This Alert also offers illustrative financial statements prepared using FRF for SMEs and includes a customizable client letter for practitioners to explain the benefits of the framework to their clients.

For additional resources on the new Financial Reporting Framework for Small- and Medium-Sized entities, please visit aicpa.org/FRF-SMEs.

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eBook , 2013
Product# AFASME13E
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