The National Association of State Boards of Accountancy and the American Institute of CPAs have put aside their differences and pledged their cooperation on financial reporting frameworks for private companies after a dispute broke out between the two organizations over the AICPA’s recent issuance of its Financial Reporting Framework for Small and Medium-sized Enterprises.
The AICPA released FRF for SMEs last month, stating that it was a non-GAAP Other Comprehensive Basis of Accounting, or OCBOA, to simplify the accounting for privately held businesses that do not need to use U.S. GAAP. However, NASBA quickly released a statement urging private companies not to use FRF for SMEs, arguing that FRF for SMEs represents non-authoritative guidance and would be difficult to regulate or enforce.
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