Question & Answer: 2. All of the following are true about the AICPA- developed OCBOA financial reporting framework for privately held smaller entities except…..

2. All of the following are true about the AICPA- developed OCBOA financial reporting framework for privately held smaller entities except

a. the framework differs from FASB standards

b. the standards are determined by the Private Company Council

c. it is known as FRF for SMEs

d. it is for companies that do not need GAAP financial statements

Expert Answer

All of the following are true about the AICPA- developed OCBOA financial reporting framework for privately held smaller entities except the standards are determined by the Private Company Council

So the option is B.the standards are determined by the Private Company Council

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