Financial Reporting Framework for SMEs

FRF for SMEs™ Toolkit for Financial Statement Users 

The AICPA has created several resources to help users of financial statements understand the Financial Reporting Framework for Small- and Medium-Sized Entities (FRF for SMEs™ accounting framework). Learn how it could help you make informed business or credit decisions about owner-managed, for-profit private companies when GAAP financial statements are not needed.

FRF for SMEs™ Accounting Framework
Robust. Relevant. Reliable.

FRF for SMEs Framework PDF

Get a free copy of the framework (PDF)


  • An Introduction to the Financial Reporting Framework for Small- and Medium-Sized Entities is a primer on the FRF for SMEs™ reporting option.
  • An animated video highlights the evolution of the framework and some of the FRF for SMEs™ accounting framework’s key benefits. (View or download in BrightCove format or download wmv format for use in PowerPoint slides—hint: save video file in same folder as the slide deck.)
  • Illustrative financial statements demonstrate the framework in action and include sample auditor reports.
  • Comparisons of the FRF for SMEs™ accounting framework to U.S. GAAP, tax basis OCBOA, and IFRS for SMEs will make clear the differences among these frameworks.
  • This sample financial statement/comparison spreadsheet demonstrates the differences between the FRF for SMEs™, income tax and U.S. GAAP.
  • A backgrounder outlines why the FRF for SMEs™ accounting framework was needed and how it fills a void in the non-GAAP financial reporting environment.
  • This article from the American Bankers Association Banking Journal provides a banker's view of the benefits of the framework.
  • A case study explains how one banker learned about the FRF for SMEs™ and determined that the framework could be a good option for her bank and its lending customers. It discusses the steps she will take to help gain acceptance of the framework at her institution.
  • A flyer spotlights key features of the FRF for SMEs™ accounting framework and may be distributed to bank customers.
  • Frequently Asked Questions address the most likely areas of interest to financial statement users.
  • A PowerPoint presentation explains the framework to you and your colleagues.
© 2017 Association of International Certified Professional Accountants. All rights reserved.