Many small and medium-sized businesses struggle with their accounting. When you’re focused on your growth, it’s difficult to allocate your resources elsewhere—like in an accounting department. When smaller companies do have a person in charge of their accounting, they are likely focused on the day-to-day transactions rather than learning about the complex changes to generally accepted accounting principles (GAAP).
Whether you have the resources to keep up with these complex changes or not, they are still heading your way. Two major pronouncements pending adoption are concerning revenue recognition (2019) and leases (2021).
We’re here to inform you of the bright side, though, which is an optional framework created by the AICPA to make these accounting principles simple for small businesses.
In a nutshell, yes, this option is as good as it sounds! Reach out to us today to learn more about the framework’s features, highlights, key principles, and benefits.
Our Director of Assurance Services, David Long, knows the ins and outs of these complex principles. Sure, you can head over to the AICPA’s website and read the 130 pages of fine details. Or, you can reach out to us for a quick and easy to understand overview.