The National Association of State Boards of Accountancy has advised private companies not to use the American Institute of CPAs’ recently released Financial Reporting Framework for Small and Medium-sized Entities.
The AICPA released its FRF for SMEs on Monday, emphasizing that it provided an alternative reporting option for small and midsize businesses that aren’t required to use GAAP (see AIPCA Releases Non-GAAP Reporting Framework). The same day, the Financial Accounting Standards Board endorsed three proposals from its Private Company Council to simplify the accounting for privately held companies (see FASB Backs Proposals for Simplifying Private Company Accounting).
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