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New Accounting Rules For Small, Midsize Businesses

The American Institute of Certified Public Accountants (AICPA) recently announced a new financial reporting framework for small and midsized entities.
The American Institute of Certified Public Accountants (AICPA) recently announced a new financial reporting framework for small and midsized entities.

CPA David Young discussed the new accounting rules Monday on News 8 at Sunrise. The AICPA is the nation's main accounting trade group.  The framework is intended to provide a simpler way to create financial statements for small businesses. It gives management and other interested parties, such as banks or potential investors, a better way to describe a company's finances.

The new accounting rules are intended to provide smaller businesses a simpler, more cost-effective approach to disclosing needed financial information. The new framework will help third parties understand key elements of a business, such as profitability, cash availability, assets to cover expenses and concise disclosures. Businesses can tailor the presentation of statements to fit a particular user.



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