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Financial Reporting Framework for Small-Medium Business

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Millions of privately held companies throughout the U.S. do not need or are not required to have financial statements prepared in accordance with U.S. GAAP (generally accepted accounting principles)

• Such companies usually are smaller enterprises, do not plan on a change in ownership soon, do not intend to go public and are not in highly specialized industries • Many owner-managed, for-profit businesses do not have CPAs on staff; they rely on their CPA firms as trusted business advisers

• While some small businesses have found the cash or tax basis of accounting acceptable, these bases may be insufficient or inappropriate for other companies or users looking for more robust and relevant financial information

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