FRF for SMEs™ Toolkit for Small Business
The AICPA has created numerous resources to help small businesses understand the Financial Reporting Framework for Small- and Medium-Sized Entities (FRF for SMEs™ accounting framework). Learn how it could help private companies and users of their financial statements make informed business or credit decisions when GAAP financial statements are not needed.
Resources
- An Introduction to the Financial Reporting Framework for Small- and Medium-Sized Entities is a primer on the FRF for SMEs™ reporting option.
- An animated video highlights the evolution of the framework and some of the FRF for SMEs™ accounting framework’s key benefits. (View or download in BrightCove format or download wmv format for use in PowerPoint slides—hint: save video file in same folder as the slide deck.)
- Illustrative financial statements demonstrate the framework in action and include sample auditor reports.
- Comparisons of the FRF for SMEs™ accounting framework to U.S. GAAP, tax basis Special Purpose Framework (SPF), and IFRS for SMEs will make clear the differences among these frameworks.
- A decision tool to help make an informed decision about choosing an accounting framework, including the FRF for SMEs™ framework, as an appropriate basis for the preparation of the entity’s financial statements.
- A backgrounder outlines why the FRF for SMEs™ accounting framework was needed and how it fills a void in the non-GAAP financial reporting environment.
- A flyer spotlights key features of the FRF for SMEs™ accounting framework and may be distributed to your stakeholders.
- Frequently Asked Questions address the most likely areas of interest to Main Street businesses.
- A PowerPoint presentation explains the framework to you, colleagues, and users of your financial statements.
- A template for a letter to stakeholders expressing your interest in using the FRF for SMEs™ framework for your financial statements.
- The Illustrations of the Application of Certain Principles and Criteria of the FRF for SMEs™ Accounting Framework provides helpful guidance for those implementing the framework.
