In June 2013, the American Institute of CPAs (AICPA) introduced a new accounting option for preparing streamlined, relevant financial statements for private companies, ‘’Financial Reporting Framework for Small- and Medium-Sized Entities” (FRF for SMEs). Although this reporting framework did not get much traction in the initial release, more and more small- and medium-sized entities, financial statement preparers and financial statement users, especially banks and creditors, are realizing the benefits to…