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

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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

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