NEW YORK--(BUSINESS WIRE)--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.
About the AICPA
The American Institute of CPAs (AICPA) is the world’s largest member association representing the accounting profession, with more than 394,000 members in 128 countries and a 125-year heritage of serving the public interest. 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 audits of 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; fraud and forensics; business valuation; and information technology. Through a joint venture with the Chartered Institute of Management Accountants (CIMA), it has established the Chartered Global Management Accountant (CGMA) designation to elevate management accounting globally.
The AICPA maintains offices in New York, Washington, DC, Durham, NC, and Ewing, NJ.
Media representatives are invited to visit the AICPA Press Center at aicpa.org/press.