The AICPA released new guidelines for small and medium-sized entities to report their financial results, easing the reporting burden. "It is a framework that is tailored for small business -- a very relevant, simplified framework," said Bob Durak, the AICPA's director of private company financial reporting. The AICPA small-company initiative is separate from the proposals of the Financial Accounting Standards Board and the Private Company Council to modify generally accepted accounting principles for private companies.

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