A small business update on work for small business GAAP as it has been labeled. Of-interest, need-to-know and news-to-watch. Accounting
Excerpt: The reporting framework the AICPA is developing for small and medium-size private companies, which will blend accrual income tax methods with other traditional methods of accounting, will be exposed for public comment this fall and is expected to be ready for use in 2013.
In May, the AICPA announced plans to develop a financial reporting framework for small and medium-size private entities that are not required to prepare U.S. GAAP financial statements. The framework is being designed to be less voluminous and simpler than U.S. GAAP, allowing companies to save money on preparation while still providing banks and other financial statement users the information they need.
Read full article via AICPA reporting framework for SMEs expected early in 2013. From Journal of Accountancy
