Events The Financial Reporting Framework for Small- and Medium-Sized Entities: The GAAP Alternative for the Back Bone of America

5.18.22 8:30am - 10:10am

Carlo Calma
Marketing & Business Development Manager
[email protected]

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As a banking professional, you’ve undoubtedly noticed that accounting principles generally accepted in the United States of America (US GAAP) has become increasingly complex in recent years, especially for the middle market companies who comprise the back bone of the US economy.

With limited resources available to devote to the accounting function, software that does not provide US GAAP-compliant record keeping, and management who are more committed to running their business than instituting the processes necessary to implement newly issued accounting standards, the middle market companies you service are desperate for a viable alternative to US GAAP.

In 2013, the AICPA introduced the Financial Reporting Framework for Small- and Medium-Sized Entities (FRF for SMEs), which provides middle market companies a comprehensive basis of accounting that is easy to understand and apply to their business.

Join ORBA’s Director of Quality Control, Victoria L. Pitkin, CPA CGMA for an overview of the basic requirements of the FRF for SMEs and a closer look at why it is a better financial reporting framework for middle market companies than US GAAP. She will compare the FRF for SMEs to US GAAP in certain key areas, including, but not limited to, revenue recognition, leases, and credit losses and examine the benefits and limitations of the FRF for SMEs, in hopes of generating greater acceptance of the FRF for SMEs by the banking community.

Learning Objectives:

At the end of the course, the participant should:

  • Understand how and why GAAP is increasingly difficult for SMEs to implement;
  • Understand and be able to explain key differences between the FRF for SMEs and US GAAP; and
  • Identify the characteristics of middle market companies who will benefit most from implementing the FRF for SMEs and those for whom the FRF for SMEs is not a good option.

2 CPE Credits (Accounting)


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ORBA’s Stephanie Zaleski-Braatz Appointed to Illinois CPA Society’s Board of Directors
CHICAGO — ORBA, one of Chicago ’s largest independent accounting, tax and consulting firms, is pleased to announce that Stephanie Zaleski-Braatz, CPA has been named to the Illinois CPA Society's (ICPAS) Board of Directors. She will serve in this role for a three-year term through March 2027.

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ORBA will gladly provide you with hard copies of the useful guides listed below. Select which guides you would like to receive and submit the form below.

  • Tax Pocket Guide
  • Tax Planning Guide
  • Records Retention Schedule
  • Auto, Travel & Business Log

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