- The American Institute of Certified Public Accountants (AICPA) issued a financial reporting framework that will greatly simply the financial reporting process for private companies.
- As part of the Patient Protection and Affordable Care Act (ACA or Affordable Care Act), employers and plan sponsors are required to pay a new annual fee, due on or before July 31, 2013.
- The "Financial Reporting Framework for Small- and Medium-Sized Entities" (SME framework) from the American Institute of Certified Public Accountants (AICPA) is intended to ease reporting for smaller, privately held, owner-managed businesses that are not required to follow Generally Accepted Accounting Principles (GAAP). The goal of the framework is to help these businesses clearly and concisely report what they own, what they owe, and their cash flow.
- The Financial Accounting Standards Board (FASB) recently issued guidance clarifying the applicability to nonpublic entities of a certain disclosure requirement regarding the fair value of assets and liabilities. The guidance, found in Accounting Standards Update (ASU) No. 2013-03, Financial Instruments (Topic 825): Clarifying the Scope and Applicability of a Particular Disclosure to Nonpublic Entities, takes effect immediately. It directly affects private companies that have total assets of $100 million or more — or one or more derivative instruments — and the preparation of their 2012 financial statements.
- In May 2013, the Boards released revised exposure drafts for the proposal of new lease accounting guidance. The Boards’ revised proposals are very similar in nature and represent significant progress in the international convergence project to create more unified financial reporting for leases.
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