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February 2015 » An Overview of Current Financial...
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Andrew D. Sharp, PhD, CPA, and Taylor A. Webre
In the United States, two major financial reporting frameworks (FRF) exist for companies preparing and issuing financial statements: generally accepted accounting principles (GAAP) and specialpurpose frameworks (SPF), formerly known as other comprehensive bases of accounting (ocBoA). There are options, with a few exceptions, for companies within these two frameworks, as reflected in the Exhibit. This article will present an overview of the current FRFs; however, it does not provide a detailed analysis of the options presented by the frameworks.
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