New Financial Reporting Framework
By Rick Cyr, Audit Principal
Included in our January 2013 newsletter was a discussion of an exposure draft related to a proposed Financial Reporting Framework for Small and Medium Sized Entities (FRF for SME’s). On June 10, 2013, the AICPA issued the final FRF for SME’s that will provide an alternative reporting framework for businesses that do not need to prepare GAAP basis financial statements.
The FRF for SME’s, as well as frequently asked questions, can be found on the AICPA website.