FRF for SMEs
Before we launched Intuitive Accountant last month, the AICPA released it's Financial Reporting Framework for Small- and Medium-Sized Entities (see press release). According to the AICPA website "The FRF for SMEs™ accounting framework is designed for America's small business community. It delivers financial statements that provide useful, relevant information in a simplified, consistent, cost-effective way. The FRF for SMEs™ framework may be used when GAAP financial statements are not required. "
Even though this is "old news", I felt this was worth bringing up again since this Framework directly impacts your clients and you are their Trusted Business Adviser. The AICPA has provided some free resources for CPAs and CPA firms, financial statement users and SME's at their website. In addition to these free resources the AICPA is hosting a web seminar on August 7 from 2-4 EST to review the Framework. The cost is $99 for members and $124 for non-members. You can register for the web seminar here.
As always, we'd appreciate your feedback and would like to hear what you think about the Framework and how you believe it will impact your business.
Make it a great day!