This session will highlight the purpose and benefits of the new framework to privately-owned small- and medium-sized entities and explain many of the accounting principles of the new FRF for SMEs. Comparisons to other commonly used frameworks such as U.S. GAAP and the income tax basis of accounting are included to give participants practical input regarding the suitability of the framework for their user entities. The program will highlight a comprehensive understanding of the new framework; considerations financial managers should use to evaluate whether FRF for SMEs is right for their business; and inputs financial statement users should consider.