The relevance of the financial reporting model under GAAP has been under fire for years. The debate of Big GAAP and Little GAAP has always been of source of controversy while the true needs of the business owner and the users are not being met. The FRF for SME’s accounting framework, for example, was designed to respond to small business community financial reporting needs. The AICPA states, “It delivers financial statements that provide useful, relevant information in a simplified, consistent, cost-effective way.” This effort and other choices have added to the confusion over financial reporting by offering several accounting policy choices. The practitioner and their client's banker need to understand these choices in order to select the most appropriate alternative. The goal, of which, is to determine a framework that will best communicate what is happening in the business. This session works to take the mystery out of all the financial reporting choices and alternatives.
Business Reporting Trends GAAP and the PCC FRF for SME’s
User needs open discussion
Practical Approach Financial Reporting Choices
Educating Your Client and their Banker about financial reporting alternatives