In this discussion, you examine how the Generally Accepted Accounting Principles or GAAP rules of the accounting profession are often seen as one size fits all. You also discuss instances when they dont fit and how alternatives result in more useful financial statements. Instructions Review the Article on Accounting Standards for Small Businesses New Accounting Rules for Small Firms and answer the following questions: What are some of the features of the proposed reporting by SMEs that differ from U.S. GAAP requirements for larger, publicly-traded companies? Why are these differences proposed? What entities might influence whether a company could choose to report under the new SME guidelines? Explain their influence on the decision. Is this new system authorized GAAP in the U.S.? Explain. The answer can be found in the Wall Street Journal