After a month of some public and private sniping, NASBA and AICPA seem to be burying the hatchet and have issued a joint press release promising to work together:
The AICPA and NASBA are committed to engaging in an effort to ensure that the FRF for SMEs, as a non-authoritative framework, is not confused with GAAP and that entities that utilize GAAP or a non-GAAP solution do so in a suitable and transparent manner. To that end, the AICPA, with NASBA input, will develop a decision-making tool to assist entities with determining whether use of the FRF for SMEs is suitable or not. Additionally, illustrative financial statements and disclosures will be developed to distinguish FRF for SMEs-based financial statements from GAAP-prepared statements.
So, in other words, AICPA agrees to constantly remind people that their Financial Reporting Framework for SMEs is not GAAP and NASBA agrees that they'll quit saying that non-authoritative frameworks aren't worth the paper their printed on. It strikes us as a nice compromise.
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