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Financial Reporting Framework for Small and Medium Sized Entities (FRF for SMEs)
Evolution of a New Non-GAAP Reporting Option
Write a short paper that addresses the following questions:What is it?- What types of entities can use it? What entities cannot use it?Why was it developed?
Relate it to the Tax Basis, Cash or Modified Cash Basis- What are the major differences between FRF for SMEs and U.S. Generally Accepted
Accounting Principles?- What are the advantages of FRF for SMEs? What entities should use it?What are the disadvantages of FRF for SMEs? What entities shouldn't use it?- Be sure to address the cost issue when addressing the advantages and disadvantages.
Verified Expert
Financial reporting framework is the financial statement in reporting financiall data for a company. This framework works better for small and medium sized businesses (SMEs). It is incoporated to assist the business owners annd other stakkeholders to make decision regarding to the well being of the company.
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