In our work, we constantly are reviewing financial data as a part of our mid-size business practice. What we notice is that over time accounting treatments vary and financial records become less useful — as a company looks for smarter ways to control costs, gain strategic insights, and inform operational change projects.
AICPA – The American Institute of CPAs – has developed a financial reporting framework (FRF) that may assist mid-size businesses generate reliable financial records to inform business decisions. According to AICPA, the FRF for SMEs framework assists owner-managers to focus on the performance of the company.
You may find it helpful to download and read AICPA’s publication — “An Introduction to the Financial Reporting Framework for Small- and Medium-Sized Entities — FOR PRIVATE COMPANIES” — before talking with your CPA.
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