The American Institute for Certified Public Accountants, AICP, have proposed a new framework or alternative reporting practices that should make life, and business a little easier for the small, privately held, for-profit business owner.
Working with financial documents-even for a small amount of time, can cause the average person to become frustrated and just a little overwhelmed. I’ve often said that CPA’s are a special breed, with their ability to keep up with the guidelines and regulations required to be GAAP compliant. This new framework, well, why don’t you read for yourself, the article, “New Accounting Framework to Ease Burdens for Small Businesses”. It’s definitely worth reading and if your CPA hasn’t heard about it, you can introduce this practice and win “smart” points.