CFO: Small-Biz Reporting Framework Should Help Lenders
CFO reported that a new financial reporting framework for privately held firms should help lenders just as much as the small businesses that are using it.
The article said the American Institute of CPAs’ (AICPA) Financial Reporting Framework for small and medium-size entities (SMEs), which was issued in June, allows for parent-company-only financial statements and among other items excludes the more complicated reporting of variable interest entities. The framework is meant for SMEs that do not need to file financial statements based on U.S. generally accepted accounting principles, CFO noted.
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