Korean Practice News Letter, Current Issue - Issue 6

Korean Practice News Letter, Current Issue - Issue 6

AICPA recently released its Financial Reporting Framework for small- and medium-sized entities (FRF for SMEs).

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Unlike the FASB and its Private Company Council’s private company initiative to consider whether modifications or exceptions to U.S. GAAP should be available for private companies that issue GAAP financial statements, the FRF for SMEs is a self-contained, other comprehensive basis of accounting that would not affect GAAP. The FRF for SMEs is available for use by private entities whose financial statement users will accept financial statements prepared under the FRF for SMEs.

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