The AICPA has developed and released its new Financial Reporting Framework for Small- and Medium-Sized Entities (FRF for SMEsTM), noting 'millions of private companies do not need to use or are not required to provide stakeholders financial statements prepared in accordance with U.S. GAAP but want an accounting system that has undergone public comment. The FRF for SMEs is a non-GAAP financial reporting solution that will be an option for millions of America’s private companies.' For many small- and medium-sized businesses, preparing financial statements using the special purpose framework, FRF for SMEsTM, may provide an alternative to the complexity of U.S. GAAP. This course will provide you with a comprehensive review of FRF for SMEsTM, including examples, illustrations, and hands-on application exercises to help you understand and apply the new framework. A disclosure outline (checklist) for use in preparing and reporting on FRF for SMEsTM financial statements is included as well.