Published August 29, 2013
Contact: Mitchell Slepian, 212-596-6177, mslepian@aicpa.org or Gil Nielsen,
212-596-6008, gnielsen@aicpa.org
NEW YORK (August 29, 2013) – The American Institute of CPAs
(AICPA) has released guidelines to help privately held businesses
determine which accounting framework, including the Financial
Reporting Framework for Small- and Medium-Sized Entities (FRF for
SMEs), best meets their financial reporting needs. The
National Association of State
Boards of Accountancy (NASBA)
provided input into the development of the new tool for CPAs and America´s Main
Street (#MainStFinancials) businesses.
Prior to the issuance of this tool, the AICPA released illustrative financial statements and disclosures, developed as an aid to implementing the FRF for SMEs framework and to help distinguish between financial statements based on the new framework and GAAP-prepared statements.
The AICPA has developed the FRF for SMEs framework for use by private, owner-managed businesses when GAAP financial statements are not required. The framework was designed to provide financial statement users with useful, relevant information in a simplified, consistent, cost-effective way.
The tool is available at no cost at Decision Tool for Adopting an Accounting Framework.