By Allison Henry

PICPA Vice President - Professional & Technical Standards

  • Private Company Accounting Standards: Moving at Lightning Speed

    AICPA’s FRF for SME Task Force achieved a major milestone on Jan. 30 with the conclusion of the comment period for its first draft of the Financial Reporting Framework for Small-and Medium-Sized Entities. The final version will be influenced by individuals and organizations who took the time to respond. The responses are varied and point to the need for extensive education and marketing. The success of the new framework depends how widely it is understood and accepted.
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  • Finally a Cliff Notes Version of GAAP?

    As promised in May 2012, the AICPA actually released its version of private company GAAP on Nov. 1, a special purpose framework, which it is calling the Financial Reporting Framework for SMEs. While it is a lot to print, at 252 pages, consider yourself lucky. The unruly FASB Codification is rumored to be somewhere around 10,000 pages. The new proposal creates a separate reporting framework for small- and medium-sized entities that emphasizes reliability (historical cost principles) and matching.
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  • Announcement on Private Company Reporting: News or Snooze?

    On May 23, 2012, the Financial Accounting Foundation (FAF) board of trustees finalized the structure of a new body, the Private Company Council, which will work to address the needs of privately held entities through changes to U.S. Generally Accepted Accounting Principles (GAAP).
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  • Who’s on First?

    It can be entertaining sometimes to watch the interaction between the SEC, IASB, FASB, FAF, and the AICPA as they debate the future of the U.S. financial reporting system. It reminds me of the Abbott and Costello routine, “Who’s on First?” What started with the signing of the 2002 Memorandum of Understanding between the FASB and IASB...
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