AICPA issues Financial Reporting Framework for SMEs

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The American Institute of CPAs (AICPA) has issued its special-purpose financial reporting framework ‘Financial Reporting Framework for Small-and Medium-Sized Entities’ (the FRF for SMEs). The FRF for SMEs provides another option for SMEs that are not required to prepare financial statements in accordance with US Generally Accepted Accounting Principles (GAAP).

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