Financial Reporting Framework for Small & Medium Sized Businesses - New York
Tuesday, September 24, 2013
750 3rd Avenue, 11th Floor
New York, NY 10017
On June 10, 2013, the AICPA released the Financial Reporting Framework for Small and Medium-Sized Entities (“FRF for SMEs”). The FRF for SMEs will be launched during the AICPA Practitioners Symposium. Shortly after release of the FRF for SMEs, a companion implementation guide will be released to help financial statement preparers in their efforts to have financial statements properly-prepared using the FRF for SMEs.
The FRF for SMEs draws upon a blend of traditional accounting principles and accrual income tax methods of accounting. The FRF for SMEs utilizes historical cost as its primary measurement basis. Additionally, the guidance provides management with some optionality associated with choosing accounting policies in efforts to better meet the needs of users of its financial statements.