The Tennessee State Board of Accountancy has adopted a resolution officially recognizing the American Institute of CPAs’ recently issued Financial Reporting Framework for Small and Medium-sized Entities, apparently the first state board to do so.
The recognition of FRF for SMEs by the Tennessee Board of Accountancy comes only a week after the National Association of State Boards of Accountancy settled a dispute with the AICPA over FRF for SMEs, which NASBA had initially criticized (see NASBA and AICPA End Spat over FRF for SMEs). FRF for SMEs is intended to provide a non-GAAP Other Comprehensive Basis for Accounting, or OCBOA, to simplify financial reporting for small and midsize private businesses that don’t need to follow the onerous requirements of U.S. GAAP. The AICPA issued the framework on June 10 as a new financial reporting option for small businesses that are not required to use GAAP (see AICPA Releases Non-GAAP Reporting Framework).
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