Smaller, non-public entities now have that option. Through AICPA’s Financial Reporting Framework for Small and Medium Sized Entities (FRF for SMEs), small entities have a cost beneficial alternative. This special purpose framework will help dodge the ever-changing rules and regulations set by the GAAP. The FRF for SMEs became available in 2013 so the acceptance is still in progress. Either way, this might be a good option for your small entity to look into.
Learn more about these changes from Jennifer F. Louis, CPA (director of audit product development for Surgent) in the video below.