While generally accepted accounting principles (GAAP) or International Financial Reporting Standards (IFRS) are considered to be the standard of financial reporting, there is another option to consider. The newest framework released in June 2013 by the American Institute of CPAs, the Financial Reporting Framework for Small-and Medium-Sized Entities (FRF for SMEs), is another option. This framework provides efficient and meaningful financial statements that are less complex and more cost-effective than those required to issue GAAP-based reports.
To learn more about this compelling new option, click here for the full article written by Scott A. Olinger, CPA, CPIM, Vice President in Charge – Louisville Region.
