Is it time to streamline? New financial statement framework could be for you

Description

Abstract: When it comes to reporting financial results, Generally Accepted Accounting Principles (GAAP) aren’t the only game in town. This past summer, the American Institute of Certified Public Accountants (AICPA) released a new type of special purpose framework to ease financial reporting for smaller, privately held, owner-managed companies not required to follow GAAP. This article explains how this framework delivers data in a much more streamlined, less costly format, and discusses the ideal candidates for it. But a sidebar notes that the road to widespread acceptance will probably be slow.