• COVID-19
  • Insights
  • Who We Help
    •   Industrial Automation
    •   Manufacturing & Distribution
    •   A&E Professional Services
    •   International Businesses
      • ◦   Expanding Outside the U.S.
      • ◦   Expanding to the U.S.
  • Services
    •   COVID-19
      • ◦   Cash Flow Confidence Assessment
      • ◦   Maximize Your Loan Forgiveness
      • ◦   5 Key Focus Areas
      • ◦   COVID-19 Resource Center
    •   Client Accounting
      • ◦   Software Solutions
      • ◦   Accounting Support
      • ◦   Reporting
    •   Tax
      • ◦   R&D Tax Credit
      • ◦   Tax Credits & Incentives
      • ◦   Tax Structure
      • ◦   Federal Tax
      • ◦   State & Local Tax
      • ◦   Personal Tax
      • ◦   Other Tax Filings
    •   Advisory & Assurance
      • ◦   Audit & Attest
      • ◦   Financial Statements
      • ◦   Employee Benefit Plan Audits
      • ◦   Technical Accounting & Reporting
    •   Consulting
      • ◦   Data Analytics
      • ◦   Transaction Services
      • ◦   Business Planning
      • ◦   Succession & Exit Strategies
    •   International
      • ◦   International Tax
      • ◦   Foreign Direct Investment
      • ◦   Global Expansion
      • ◦   International Accounting
  • Events
  • Careers
    •   Why C&M
    •   Students
      • ◦   Campus Events
      • ◦   Internships
      • ◦   Reach Beyond Program
    •   Experienced Professionals
      • ◦   Team member profile videos
    •   Opportunities
    •   Employee Journals
    •   Office Tour
  • About Us
    •   How We Help
      • ◦   Service Approach
      • ◦   Affiliations
      • ◦   Communications & Technology
    •   Meet Our Team
    •   Testimonials
    •   Our Videos
    •   Our Story
  • Contact Us
  • Subscribe
CHANGE COUNTRY:
  • United States
  • 中国
  • Client Login
Clayton & McKervey Logo
  • COVID-19
  • Insights
  • Who We Help
  • Services
  • Events
  • Careers
  • About Us
  • Contact Us
  • Subscribe
  • COVID-19
    • Stimulus Benefits Check-In
    • Cash Flow Confidence Assessment
    • Maximize Your Loan Forgiveness
    • 5 Key Focus Areas
    • Inventory Reform
    • COVID-19 Resource Center
  • Tax
    • R&D Tax Credit
    • Tax Credits & Incentives
    • Tax Structure
    • Federal Tax
    • State & Local Tax
    • Personal Tax
    • Other Tax Filings
  • Advisory & Assurance
    • Audit & Attest
    • Financial Statements
    • Employee Benefit Plan Audits
    • Technical Accounting & Reporting
  • Client Accounting
    • Accounting Support
    • Software Solutions
    • Reporting
  • Consulting
    • Data Analytics
    • Transaction Services
    • Business Planning
    • Succession & Exit Strategies
  • International
    • International Tax
    • Foreign Direct Investment
    • Global Expansion
    • International Accounting
  • Private Clients
  1. Home
  2. Services
  3. Advisory & Assurance
  4. Financial Statements

The right reporting framework for your company

financial statements & reports

Our team can provide assurance and other services using various reporting frameworks based on the preferences and needs of your company. We’ve helped many companies in the U.S. and abroad with their financial statement needs. Our assurance team is ready, willing and able to assist you through a number of valuable services.

U.S. GAAP

We can report on financial statements prepared utilizing U.S. Generally Accepted Accounting Principles (U.S. GAAP). U.S. GAAP reports provide investors with a minimum level of consistency in the financial statements used when analyzing companies for investment purposes.

IFRS

The International Financial Reporting Standards (IFRS) were established in Europe and designed to address the complications faced by multinational and public corporations. Today, the standards have been adopted in more than 100 countries. With over 40 years of international experience and specialized training, our team has become quite adept at utilizing the IFRS framework.

FRF for SMEs

The Financial Reporting Framework for Small- and Medium-Sized Entities (FRF for SMEs) is a special-purpose framework based on the principles of U.S. GAAP but tailored to meet the needs of privately-held businesses and their financial statement users. To you, this means the framework is focused on cash flow. The reporting option is tailored for private companies so they don’t have to spend time (and money) on financial reporting areas that don’t bring value to financial statement users. We can discuss and advise on the value of this new framework to your company.

Other special purpose frameworks

At Clayton & McKervey, we’re eager to help our clients, especially with the special-purpose reporting you might be looking for. Let us know what you need, and we’ll propose a plan to meet those objectives.

Continue reading about our advisory & assurance services:
Advisory & Assurance
Audit & Attest
Employee Benefit Plan Audits
Technical Accounting & Reporting

related insights

Private Company Reporting Options – “FRF for SMEs” vs. “Private Company Council GAAP”

The private company financial reporting landscape has changed. With new acronyms like “FRF for SMEs” and “PCC,” it can be hard for companies to decide which reporting option is right…

Read full story

Eight Questions Answered About SSARS 21: Statement on Standards for Accounting and Review Services: Clarification and Recodification

New SSARS 21 pronouncement brings new options to financial reporting Effective for years ending after December 15, 2015, accountants in pubic practice will have new options available when working with…

Read full story

Committee of Sponsoring Organizations Framework (COSO) and How It Applies to Closely Held Businesses

Committee of Sponsoring Organizations Due to heightened corrupt practices throughout businesses in the early to late 1970s, the US Securities and Exchange Commission partnered with the US Congress to enact…

Read full story

FASB Update: Simplifying Income Statement Presentation

On January 9, 2015, the FASB issued ASU [Accounting Standards Update] 2015-01, Income Statement—Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items.…

Read full story

FASB Issues Pushdown Accounting Option

Pushdown accounting is the reflection of the fair value of assets acquired and liabilities assumed in a business acquisition to the acquired entity’s financial statements. The FASB recently issued literature…

Read full story
Subscribe to our news & updates

Our team is always ready to help. Please contact us for more information.

Julie thumbnail image

Julie Killian

Shareholder, Advisory & Assurance

Contact Julie   |   Read Julie's bio

  • Featured Content
  • Related Insights

The right reporting framework for your company

financial statements & reports

Our team can provide assurance and other services using various reporting frameworks based on the preferences and needs of your company. We’ve helped many companies in the U.S. and abroad with their financial statement needs. Our assurance team is ready, willing and able to assist you through a number of valuable services.

U.S. GAAP

We can report on financial statements prepared utilizing U.S. Generally Accepted Accounting Principles (U.S. GAAP). U.S. GAAP reports provide investors with a minimum level of consistency in the financial statements used when analyzing companies for investment purposes.

IFRS

The International Financial Reporting Standards (IFRS) were established in Europe and designed to address the complications faced by multinational and public corporations. Today, the standards have been adopted in more than 100 countries. With over 40 years of international experience and specialized training, our team has become quite adept at utilizing the IFRS framework.

FRF for SMEs

The Financial Reporting Framework for Small- and Medium-Sized Entities (FRF for SMEs) is a special-purpose framework based on the principles of U.S. GAAP but tailored to meet the needs of privately-held businesses and their financial statement users. To you, this means the framework is focused on cash flow. The reporting option is tailored for private companies so they don’t have to spend time (and money) on financial reporting areas that don’t bring value to financial statement users. We can discuss and advise on the value of this new framework to your company.

Other special purpose frameworks

At Clayton & McKervey, we’re eager to help our clients, especially with the special-purpose reporting you might be looking for. Let us know what you need, and we’ll propose a plan to meet those objectives.

Continue reading about our advisory & assurance services:
Advisory & Assurance
Audit & Attest
Employee Benefit Plan Audits
Technical Accounting & Reporting

Our team is always ready to help.

Please contact us for more information.

Julie thumbnail image

Julie Killian

Shareholder, Advisory & Assurance

Contact Julie   |   Read Julie's bio

Private Company Reporting Options – “FRF for SMEs” vs. “Private Company Council GAAP”

The private company financial reporting landscape has changed. With new acronyms like “FRF for SMEs” and “PCC,” it can be…

Read more

Eight Questions Answered About SSARS 21: Statement on Standards for Accounting and Review Services: Clarification and Recodification

New SSARS 21 pronouncement brings new options to financial reporting Effective for years ending after December 15, 2015, accountants in…

Read more

Committee of Sponsoring Organizations Framework (COSO) and How It Applies to Closely Held Businesses

Committee of Sponsoring Organizations Due to heightened corrupt practices throughout businesses in the early to late 1970s, the US Securities…

Read more

FASB Update: Simplifying Income Statement Presentation

On January 9, 2015, the FASB issued ASU [Accounting Standards Update] 2015-01, Income Statement—Extraordinary and Unusual Items (Subtopic 225-20): Simplifying…

Read more

FASB Issues Pushdown Accounting Option

Pushdown accounting is the reflection of the fair value of assets acquired and liabilities assumed in a business acquisition to…

Read more
Assurance and audit services The types of clients we help Learn about our firm

Website

  • COVID-19
  • Insights
  • Who We Help
  • Services
  • Events
  • Careers
  • About Us
  • Contact Us
  • Subscribe

Location

+1 248.208.8860
2000 Town Center
Suite 1800
Southfield, MI
48075 | USA

Connect

  • Events
  • Newsletter
  • Client Login

Social

  • LinkedIn
  • Facebook
  • Twitter
  • Glassdoor
  • YouTube
  • Instagram

Awards

DFP Top Work Places Best & Brightest
Prime Global

Tax | Accounting | Assurance | Consulting | Highly technical and accessible team of CPAs helping growth driven, closely held, middle market companies compete in the global marketplace. Michigan-based accountants and advisors focused on helping business owners in the United States and throughout Europe and China.

Privacy Policy Disclaimer

© 2021 Clayton & McKervey