AICPA. Comparisons of the FRF for SMEs
Reporting Framework to Other Bases of Ac-
AICPA. Decision Tool for Adopting an Ac-
counting Framework. 29 August 2013.
AICPA. FRF for SMEs Frequently Asked
Questions. 2014 AICPA.org
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AccountingWEB. 5 September 2013
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pared Using the Financial Reporting Frame-
work for Small and Medium Entities. (2014)
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Michael J. Rolleri is an associate professor of accounting
at the University of New Haven and a partner with
Whelan Rolleri & DePietro in Stratford. He can be
reached at MRolleri@newhaven.edu.
Robert Wnek, J.D., LL.M. is chair of the department of
accounting and a professor of taxation and business law
at the University of New Haven. He can be reached at
they are acceptable to the user. There
does not seem to be a cookie-cutter
approach to making these decisions.
Attest reports issued should indicate
amined, reviewed, or compiled using a
basis of accounting other than GAAP.
Peer reviewers' procedures are not an-
ticipated to change in their review of
financial statements prepared using
GAAP" discussion. The vast majority
of business entities in the U.S. are small
entities and there is so much diversity
among them that different reporting op-
tions should probably exist. There may
standards for small- to medium-sized
entities that can be applied universally,
and it appears that the discussion of
what is best will continue.