What - The FRF for SMEs™ framework is an additional non-GAAP financial reporting option. The 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 - Research over the years and input from stakeholders demonstrated the marketplace need for such an accounting framework.
Who - A working group of CPA professionals and AICPA staff who have years of experience serving smaller-to-medium-sized private entities crafted the framework.