AICPA unveils financial-reporting proposal for small, midsize private companies

11/2/2012 | Journal of Accountancy

Traditional accounting principles are the core of an approach to financial reporting that the AICPA is developing for small and midsize privately owned entities not required to produce financial statements in accordance with U.S. generally accepted accounting principles. The framework was released for public comment Nov. 1. This article offers hypothetical examples that demonstrate accounting and financial-reporting principles proposed in the framework. The proposal and related resources are available at a Web page dedicated to the framework.

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