Financial Reporting Framework for Small and Medium Entities 

Published July 11, 2013

As a result of the release of the AICPA’s Financial Reporting Framework for Small and Medium-Sized Entities small businesses now have a simplified new financial reporting option.  Bob Durak, AICPA director of private company financial reporting told the New York TimesThe framework is going to deliver tailored financial reporting for the small business community.  It provides very meaningful, clear accounting.”   The Associated Press reported,” The American Institute of Certified Public Accountants said its Financial Reporting Framework for Small- and Medium-Sized Entities is a streamlined system for creating financial statements for privately held owner-managed businesses that are not required to use US Generally Accepted Accounting Principles, or GAAP.” 


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