Several considerations should be reviewed by owners as well managers of a small- or medium- sized businesses and the CPAs that serve these entities. This resource will guide users through some of the main areas to review when choosing an accounting framework for an entity’s financial statements.
In this document, users will find:
A broad flowchart for the applicability of the FRF for SMEs™
Considerations for the use of FRf for SMEs™
Related to U.S. Generally Accepted Accounting Principles (GAAP)
Related to Cash/Modified Cash Basis and Tax Basis of Accounting
Related to the FRF for SMEs™ Framework
This document is provided as a tool for broad understanding. Further research may be necessary for additional details or for areas not covered in this resource.