CPA firms are predicting they will face challenges in gaining acceptance of the American Institute of CPAs’ recently introduced Financial Reporting Framework for Small and Medium-sized Entities, according to a new survey.
The survey, by Thomson Reuters, found that 46 percent of the CPAs polled said they are familiar with the new FRF for SMEs. The framework, released by the AICPA last month, is another GAAP-alternative to meet the unique needs of these entities' and their financial statement users (see AICPA Releases Non-GAAP Reporting Framework).
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