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Publications

Financial Reporting Framework for Small- and Medium-Sized Entities with Implementation Resources

Publisher: AICPA
  • $49.00-$59.00
    Financial Reporting Framework for Small- and Medium-Sized Entities with Implementation Resources eBook Download Product #: AFRFSME13E
    AICPA Member: $49.00
    Non-Member: $59.00
  • $49.00-$59.00
    Financial Reporting Framework for Small- and Medium-Sized Entities With Implementation Resources Online Access Product #: AFRFSMEO
    AICPA Member: $49.00
    Non-Member: $59.00

Privately owned, small- and medium-sized entities are looking for a relevant, simplified and cost-beneficial framework for their financial reporting needs. Bankers and other financial statement users also need easier-to-understand, useful financial statements that are based on a reliable, principles-based framework.

The AICPA’s Financial Reporting Framework for Small- and Medium-Sized Entities (FRF for SMEs) is specifically designed to fulfill those financial reporting needs. When GAAP-based financial statements are not required, the FRF for SMEs may be the ideal accounting basis for owner-managers and users who need financial statements that are prepared in a consistent and reliable manner in accordance with a framework that has undergone professional and public scrutiny.

Implementation Resources

Along with the framework, the AICPA has developed implementation resources to assist owner-managers of SMEs, their outside CPAs, and those who use their financial statements. This guidance includes illustrative financial statements, a presentation and disclosure checklist, certain illustrative application examples, and sample audit, compilation and review reports. Although separate from the framework itself, the implementation guidance is included to give users a more complete resource for adopting and using the framework.

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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About the Publisher

AICPA

About the AICPA The American Institute of CPAs is the world’s largest member association representing the accounting profession, with more than 412,000 members in 144 countries, and a history of serving the public interest since 1887. AICPA members represent many areas of practice, including business and industry, public practice, government, education and consulting. The AICPA sets ethical standards for the profession and U.S. auditing standards for private companies, nonprofit organizations, federal, state and local governments. It develops and grades the Uniform CPA Examination, and offers specialty credentials for CPAs who concentrate on personal financial planning; forensic accounting; business valuation; and information management and technology assurance. Through a joint venture with the Chartered Institute of Management Accountants, it has established the Chartered Global Management Accountant designation, which sets a new standard for global recognition of management accounting.