FRF for SMEs
To our Clients:
Sorensen & Flanagan, LLC understands that for many small and medium-sized businesses like yours, the preparation of financial statements can be complicated and time-consuming. And sometimes, those financial statements contain information that you or users of your financial statements may not even need. Businesses that are not required to have their financial statements prepared in accordance with generally accepted accounting principles (GAAP) now have the option of using a new financial reporting framework that may better suit their needs and that of their financial statement users. We can deliver this option.
We are excited to announce that our firm offers financial statement preparation based on the new Financial Reporting Framework for Small- and Medium-Sized Entities (FRF for SMEs™) produced by the American Institute of CPAs. The FRF for SMEs framework consists of simplified principles and focuses on the most useful information related to your business. The framework:
- blends traditional accounting principles with some accrual income tax methods;
- presents a cost-beneficial solution for you and others who need your financial statements prepared in a consistent and reliable manner; and
- provides comprehensive but relevant information.
We believe the new FRF for SMEs framework gives meaningful financial information to for-profit, owner-managed smaller enterprises and other interested parties without needless complexity. We encourage you to explore the framework and can assist you in adopting it. In addition, so that you can learn more about this new accounting option, we offer you access to the FRF for SMEs Education Toolkit, containing free resources that clearly outline its benefits. The toolkit includes a letter you can share with your banker and other users of your financial statements to make them aware of the framework.
As you consider the FRF for SMEs, we are available to discuss the opportunity and help you decide if it is the right option for you and your stakeholders. I will follow up with you in a few days to see what questions you may have and how we can assist you in moving forward using the new framework.
SORENSEN & FLANAGAN, LLC