The following resources are coming soon on June 10, 2013, to help you learn more about the  FRF for SMEsTM accounting framework: Free copy of the framework Webcast An 8-hour group study course Implementation resources in eBook format (Online Professional Library and paperback to follow) Financial Reporting Alert that discusses the framework Toolkits

What Is It?

The FRF for SMEs^TM framework draws upon a blend of traditional methods of accounting with some accrual income tax methods. It consists of simplified principles and focuses on the most relevant information needs of Main Street America and their financial statement users.

Why Was It Done?

Research over the years and input from stakeholders demonstrated the marketplace need for such an accounting framework. The Financial Accounting Foundation, which oversees the Financial Accounting Standards Board, called the development of a reporting option for owner managed, for-profit businesses "important and complementary" to its own efforts to modify GAAP for private companies.

Who Developed It?

A working group of CPA professionals and AICPA staff who have years of experience serving smaller-to-medium-sized private entities crafted the framework.

The FRF for SMEs is a special purpose framework (an other comprehensive basis of accounting). To find out about efforts to modify GAAP for private companies, visit the AICPA's Private Company Financial Reporting page.