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Letters To The Editor - Jeff Thomson

Thursday, August 1, 2013

Your article, “AICPA Releases Non-GAAP Reporting Framework” (June 10,online) discusses the American Institute of CPA’s new alternative framework option for financial reporting by smaller private entities, the Financial Reporting Framework for Small-and Medium-Sized Entities. As discussed in the article, the framework is intended to help small businesses that are not required to use U.S. Generally Accepted Accounting Principles.

However, as president and CEO of IMA® (the Institute of Management Accountants), an association that focuses exclusively on advancing the management accounting profession, I find it concerning that an accounting association body is attempting to set what could be perceived as an authoritative standard. These alternative methods are, in fact, non-authoritative and therefore difficult to regulate or enforce... Read More

Daniel Hood - AccountingToday.com