The AICPA would like to hear from members in business and industry who work for private companies regarding development of a new self-contained financial reporting framework for small- and medium-sized entities (SMEs) that do not need U.S. GAAP financial statements. Many SMEs and the users of their financial statements could benefit from a non-GAAP accounting system that has undergone public comment and professional scrutiny, and is consistently applied. A blend of accrual income tax methods and traditional accounting methods, the new framework would be more relevant, less complex and cost beneficial to prepare.
If you work for a private company that may want to use the financial reporting framework under development, please respond to a short online survey to assist the AICPA as we gather members’ insights. For more information, read this FAQ.
Many thanks for your input on this important initiative.
AICPA Business, Industry & Government Team