Should Small Businesses Adopt New Accounting Standards?

This week the American Institute of Certified Public Accountants announced a new financial reporting “framework” (pdf) for small and midsize entities. If you like acronyms, and the folks who created the framework do, that’s the AICPA’s FRF for SMEs. If you’re curious about the finer points of the new framework, or how it relates to the Financial Accounting Foundation’s Private Company Council (FAF’s PCC), and its work with the Financial Accounting Standards Board (FASB) to fine-tune the Generally Accepted Accounting Practices (GAAP) for private companies—here’s one place to start.