New Accounting Options are Available for Some Private, For-Profit Businesses

Posted on June 28, 2013

A new accounting framework is going to be available for some small to mid-sized and privately owned businesses. This framework will make it easier for certain businesses that don’t have their own in-house accounting team to prepare financial statements, cutting out the unnecessary work. The new framework also allows businesses to customize their financial statements dependent upon the situation for which they are drawn up, not following the GAAP rules.

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