The details for AICPA’s Financial Reporting Framework for Small and Medium-sized Entities will be unveiled by the end of the month. AICPA has been developing the framework in the wake of the Financial Accounting Foundation’s decision to set up a Private Company Council.
The AICPA noted that the FRF for SMEs is a type of special purpose framework that is being developed by the AICPA’s FRF for SMEs task force and AICPA staff and will be exposed to public comment and professional scrutiny. “The FRF for SMEs will not be approved, disapproved or otherwise acted upon by any senior technical committee of the AICPA or the Financial Accounting Standards Board (FASB) and will have no official or authoritative status,” said the AICPA.
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