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