Prepare a report that addresses the following: What are some of the arguments for and against creating

Question:

Prepare a report that addresses the following:
What are some of the arguments for and against creating separate for SMEs? What are the similarities and differences between the "standards" established by the AICPA, the PCC and the FASB (FRF for SMEs, the work of the PCC, and standard US )? How will following the FRF for SMEs affect the audit opinion that you receive on your financial statements? If you are not a publicly traded company, will it adversely affect your company if you do not follow US ? Why or why not? What if your company is publicly traded? Should SMEs have their own ? What are the advantages and disadvantages?
GAAP
Generally Accepted Accounting Principles (GAAP) is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC). While the SEC previously stated that it intends to move from U.S. GAAP to the International Financial Reporting Standards (IFRS), the...