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AICPA Proposes Financial Reporting Framework for Smaller Non-public Entities
Practical Law Legal Update 6-522-2960 (Approx. 3 pages)
AICPA Proposes Financial Reporting Framework for Smaller Non-public Entities
by PLC Corporate & Securities
| Published on 06 Nov 2012 • USA (National/Federal) |
On November 1, 2012, the American Institute of Certified Public Accountants (AICPA) issued an exposure draft of its Proposed Financial Reporting Framework for Small- and Medium-Sized Entities, which is intended to be a simpler and less costly reporting framework for entities that are not required to report under US GAAP.
On November 1, 2012, the American Institute of Certified Public Accountants (AICPA) issued an exposure draft of its Proposed Financial Reporting Framework for Small- and Medium-Sized Entities (FRF for SMEs). The FRF for SMEs is intended as an alternative set of accounting principles that smaller, non-public entities can voluntarily decide to report under. It is intended to be a simpler and less costly framework for entities that are not required to report under US GAAP.
The AICPA is accepting comments on the exposure draft until January 30, 2013. The AICPA has also asked private company stakeholders to participate in an online survey, open until December 31, 2012. For answers to common questions about the FRF for SMEs, see the AICPA's FAQs.
For more information on the regulation of accounting and financial reporting in the US, see Practice Note, Accounting, Auditing and Financial Reporting in the US: Governing Authorities.