AICPA releases Financial Reporting Framework for Small and Medium Enterprises, aka FRF-SME, aka “small GAAP”

The AICPA’s version of small-GAAP is out today.

FRF-SMEs are an option for small businesses that don’t need the complexity of GAAP financial statements.

I think this could be a big deal. Whether it is or not will depend on acceptance by the lending community.

The entire body of knowledge is in a 206 page document. Of that, the glossary is 16 pages.  The core text is 172 pages. That’ it. Only 172 pages make up the full set of rules.

Here is some info:

• Download FRF-SME
• AICPA’s FAQs
• AICPA’s home page for FRF-SMEs
• Press release