The AICPA is developing the financial reporting framework for small and medium-sized entities (FRF for SMEs) to form the foundation for a new approach to financial reporting for privately owned, for-profit smaller enterprises that are not required to produce financial statements prepared in accordance with U.S. GAAP. Details of the proposed framework are described during this podcast by AICPA Vice President—Professional Standards and Services Chuck Landes, CPA, and two members of the project task force, Pat Piteo, CPA, and Tom Ratcliffe, CPA, CGMA. The goal of the project is to emphasize reliability and simplicity, meeting users’ needs without creating unnecessary costs for smaller enterprises.