Financial Reporting Framework for SMEs

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Financial Reporting Framework for SMEs

The AICPA has issued its Financial Reporting Framework for Small- and Medium-Sized Entities. The FRF for SMEsTM 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. The FRF for SMEsTM framework may be used when GAAP financial statements are not required.

Resources

The following resources are available to help you learn more about the FRF for SMEsTM accounting framework:

Additional free educational resources will be available in late June for the following:

CPAs and CPA firms
Small businesses
Users of financial statements

Webcasts, Publications, CPE

Webcasts

June 28, 1–3 p.m. ET
Learn about the AICPA's game-changing FRF for SMEsTM accounting framework. The FRF for SMEsTM reporting option enables CPAs to prepare streamlined, relevant financial statements for privately held small- and medium-sized entities that do not need GAAP-compliant reports. Tour the CPA toolkit and see how it will help educate clients and users of their financial statements. CPE: 2 hours.
August 7, 2–4 p.m. ET
Rebroadcast of June 28 webcast with live moderators. CPE: 2 hours; intermediate level.

Publications

Financial Reporting Framework for Small- and Medium-Sized Entities with Implementation Resources (preorder paperback for mid-July)
Alert - Understanding the Financial Reporting Framework for Small- and Medium-Sized Entities (preorder paperback for mid-July)

CPE

Financial Reporting Framework for SMEs

Group Study (product no. FRFS) (available July 2013)
Self Study (product no. 745140) (available September 2013)

See all implementation materials.

Contact Information

For more information or to contact the AICPA regarding the FRF for SMEsTM framework, please email FRFforSMEs@aicpa.org.

Technical inquiries on the framework should be directed to the AICPA's A&A Hotline (free for AICPA members).

About the FRF for SMEs

Chairman of the AICPA Board of Directors Richard J. Caturano, CPA, CGMA, and AICPA President and CEO Barry Melancon, CPA, CGMA, explain the marketplace demand for the FRF for SMEsTM framework, the opportunity it presents for CPA firms’ clients and CPAs in business and industry, and the important features that address the concerns of owner-managed, for-profit smaller enterprises.

News & Views

AICPA Press Release (6/2013)
AICPA Unveils Framework Designed for Streamlined Reporting (JofA, 6/2013)
Groups Propose to Simplify Accounting for Small Firms (The New York Times, 6/2013)
New Accounting Rules Proposed for Small Business (The Wall Street Journal, 6/2013)
New Guide to Help With Financial Reporting (FoxBusiness, 6/2013)
AICPA Releases Non-GAAP Reporting Framework (Accounting Today, 6/2013)
AICPA Unveils New Non-GAAP Framework for Financial Reporting (AccountingWeb, 6/2013)
Podcast (JofA, 3/2013)
A Quest for Relevance: New Framework for SMEs Balances Costs and Benefits (JofA)
Framework for SMEs Emphasizes Relevance, Historical Cost (JofA)

Blog Post

New Reporting Framework Will Eliminate “Noise” for Bankers, Other Financial Statement Users (AICPA Insights)

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Overview

What - The FRF for SMEs^TM 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.

Exposure Draft and Comment Letters

An exposure draft of the proposed FRF for SMEs^TM accounting framework was released on November 1, 2012. View the exposure draft and comment letters received in response.