Look at the recent activities of the FASB, the Auditing Standards Board (ASB), and the Accounting and Review Services Committee (ARSC) that impact small businesses. Discuss the impact of the new standards and how you can prepare to implement them in a practical way. Also included is a deep dive into private company reporting with a look at the Private Company Council as well as the AICPA Financial Reporting Framework for Small and Medium Entities (FRF-SME) and the major convergence projects and the impact they will have on the reporting and disclosures for small businesses.