The AICPA has issued its Financial Reporting Framework for Small- and Medium-Sized Entities. The FRF for SMEs™ accounting framework is designed specifically for the small business community. It delivers financial statements that provide useful, relevant information in a simplified, consistent, and cost-effective way. The FRF for SMEs™ framework may be used when GAAP financial statements are not required.
We present this information to NSA members as one option that may help you in your practice. The AICPA website has a plethora of information as well as resources to help you learn about the product in order to determine if it benefits you. Follow the links below to learn more.