The American Institute of CPAs is facing opposition from the National Association of State Boards of Accountancy and PricewaterhouseCoopers on its proposal to create a non-GAAP financial reporting framework for small and midsize businesses.
NASBA’s board of directors unanimously voted last Friday to adopt a resolution urging the AICPA to either table or withdraw its proposal for setting up a Financial Reporting Framework for Small- and Medium-Sized Entities, or FRF-SME. NABSA said the AICPA should instead allow the Financial Accounting Foundation’s Private Company Council adequate opportunity to develop standards for private companies that could be authoritative and part of U.S. GAAP.
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