AICPA requests comments on proposed special-purpose framework for SMEs 

November 6: The AICPA recently issued an exposure draft that proposes another comprehensive basis of accounting for small- and medium-sized entities (SMEs) that do not need to issue U.S. GAAP financial statements.

Unlike the FASB and Private Company Council’s private company initiative to consider whether modifications or exceptions to U.S. GAAP must be available for private companies that issue U.S. GAAP financial statements, the financial reporting framework for SMEs would be a self-contained, special-purpose framework that would not affect U.S. GAAP.


Read a November 2012 report [PDF 67 KB] prepared by KPMG LLP: Defining Issues: AICPA Requests Comments on Proposed Special-Purpose Framework for Small- and Medium-Sized Entities



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©2012 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.


The KPMG logo and name are trademarks of KPMG International.


KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever.


The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.


Direct comments, including requests for subscriptions, to us-kpmgwnt@kpmg.com.
For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at:

+ 1 202 533 4366

1801 K Street NW
Washington, DC 20006.