A popular recent post is the one I wrote on the AICPA’s effort to develop a new SME reporting framework. Had I known it was going to generate so many hits, I would have made it shorter and more to point. Hint if you have not read it yet, you might skip about half-way down. Recently I became aware that the IASB had earlier notified us they intend to develop a subset of IFRS for SMEs for the micro entity – basically the very small business. Using their definition, that would cover quite a few of my firm’s clients. Perhaps the AICPA’s effort was intended to mirror the IASB’s effort and they intended their new framework to be the U.S. answer to SME IFRS for micro-entities. Again, the AICPA is not an official standard setting body; however, maybe the FASB can pick up the guidance and meld it into their private company reporting effort and get us big GAAP, little GAAP, and tiny GAAP. I don’t think it will replace tax or cash basis reporting…but interesting.

In the small business side of our market, we just don’t have much ongoing demand from users for GAAP or IFRS statements. Here is a link to the recent JofA article. http://www.journalofaccountancy.com/News/20126128.htm

Link to my earlier post: https://insidecpa.com/2012/06/aicpa-sme-effort-too-many-cooks/