New AICPA framework would offer small businesses a new method of financial reporting. The framework is intended for companies who are not required to use Generally Accepted Accounting Principles.
Two professors in the Bauernfeind College of Business at Murray State University, L. Murphy Smith, DBA (Doctor of Business Administration), and Katherine Taken Smith, DBA, along with Shannon Knight, CPA, a business professor at Texas A&M University, collaborated on a new financial accounting textbook. The book, Financial Accounting and Reporting, is published by CCH.
U.S companies will not be required to meet a mid-2013 deadline for adopting IFRS accounting standards. At least not anytime soon.