FRF for SMEs

Financial Reporting Framework for Small- and Medium Sized Entities

For all the small CPA and Accounting Firms in the USA this type of framework is what we have been waiting for for a LONG TIME!  If we meet requirements, we will be able to use this FRF rather than GAAP.  GAPP is great but the GAPP framework was set up with big corporate businesses in mind rather than the small business.  To have FRF for SMEs is like the best Christmas Present ever for small company's.
The AICPA has released a "tool, presented as a nonauthoritative aid whose use is not required, takes readers through a step-by-step process for choosing a framework" (Journal of Accountancy Nov 2013 pg. 14). Here are the links:

For the tool:
tinyurl.com/pyjmkzv

"Before issuing the tool, the AICPA released illustrative financial statements and disclosures" (Journal of Accountancy Nov 2013 Pg.14).
tinyurl.com/n9xvsd8