Sme Financial Statements

Financial Reporting

Framework for Smalland Medium-Sized Entities

Copyright © 2013 by

American Institute of Certified Public Accountants, Inc.

New York, NY 10036-8775

All rights reserved. For information about the procedure for requesting permission to make copies of any part of this work, please e-mail copyright@aicpa.org

with your request. Otherwise, requests should be written and mailed to the Permissions Department, AICPA, 220 Leigh Farm Road, Durham, NC 27707-8110.

The Financial Reporting Framework for Small- and Medium-Sized Entities reproduces substantial portions of the CICA Handbook © 2012, published by The

Canadian Institute of Chartered Accountants, Toronto, Canada (CICA), used under licence from CICA.

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Notice to Readers

Financial Reporting Framework for Small- and Medium-Sized Entities

was developed by a task force of CPA practitioners and professionals serving and working at small- and medium-sized entities and the staff of the

AICPA. Financial Reporting Framework for Small- and Medium-Sized Entities has not been approved, disapproved, or otherwise acted upon by any technical committee of the AICPA or the Financial Accounting Standards Board

and has no official or authoritative status.

AICPA FRF for SMEs Task Force

(2012–2013)

David Morgan, Chair

Theresa Bible

DeAnn Hill

Karen Kerber

Kenneth R. Odom

Marc Parkinson

Pat Piteo

Thomas A. Ratcliffe

Eric P. Wallace

AICPA Staff

Charles E. Landes

Vice President

Professional Standards and Services

Robert Durak

Director, Private Company Financial Reporting

Accounting Standards

Daniel Noll

Director

Accounting Standards

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Preface

About Financial Reporting Framework for Small- and

Medium-Sized Entities

The FRF for SMEsTM accounting framework has been developed by the

AICPA FRF for SMEs Task Force (task force) and the staff of the...