AICPA Set to Release New Financial Reporting Frameworks for Small- and Medium-Sized Entities

Blending traditional methods of accounting with some accrual income tax methods, the new Financial Reporting Frameworks for Small- and Medium-Sized Entities will consist of simplified principles and focuses on the most relevant information needs of businesses and their financial statement users.

Among the highlights of the new framework, scheduled to be released June 10: it is a less complicated and less costly framework of accounting for SMEs that do not require financial statements based on generally accepted accounting principles.

CalCPA is offering a live course and webcast June 26 that will, among other things, show you how to apply the framework and identify the differences between the framework, GAAP and the income tax basis of accounting, and teach you to recognize the situations in which using the framework might be useful.

Review the draft framework, released in November, or visit the AICPA website for more information.