Accounting and Financial Reporting 



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    CPAs are facing unprecedented changes in financial reporting. Economic, regulatory, and global forces are demanding higher-quality reporting while standards are in continual flux. While the Financial Accounting Standards Board (FASB) is proposing significant changes to U.S. generally accepted accounting principles there is an ever-increasing pressure for differentiation between public and private entity standards. The information and resources here will help you stay informed of changes to accounting standards and provide you guidance to ensure high quality financial reporting.


     



    Financial Reporting Framework for Small- and Medium-Sized Entities and FRF for SMEs™ Toolkits Released
    Significant Standards Changes on the Horizon
    The AICPA has released the Financial Reporting Framework for Small- and Medium-Sized Entities and FRF for SMEs™ Toolkits for CPAs, financial statement users, and small businesses.

    The FRF for SMEs™ accounting framework is designed for America's small business community. It delivers financial statements that provide useful, relevant information in a simplified, consistent, cost-effective way.
     
    Get more information about the "Big 3" proposed standards resulting from the FASB/IASB Convergence Project.
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    Thoughts on Professional Judgment

    With the increasingly complex nature of global business, the need for reliable, transparent financial information is more pronounced today than ever before. We expect financial statement preparers to apply judgment in the preparation and auditors to apply judgment in the audit of financial statements in a professional manner.

    Find out more about professional judgment.


    FASB Accounting Standards Codification

    The FASB Accounting Standards Codification™ (ASC) was a major restructuring of accounting and reporting standards designed to simplify user access to all authoritative U.S. GAAP. The AICPA's FASB Accounting Standards Codification page provides an overview of FASB ASC.
    Standards Tracker


    In an effort to keep its members informed, the AICPA has created a Standards Tracker. This tool will keep members up to date regarding the most recent guidance made available by standard setters, filtered in order to give you only what you need to know.

      AICPA Financial Reporting Executive Committee

    Financial Reporting Executive Committee (FinREC) is an AICPA technical committee for financial reporting. Its mission is to determine the AICPA’s technical policies regarding financial reporting standards and to be the AICPA’s spokesbody on those matters, with the ultimate purpose of serving the public interest by improving financial reporting.

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