What are some of the arguments for and against creating separate GAAP for SMEs? What are the

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What are some of the arguments for and against creating separate GAAP for SMEs? What are the similarities and differences between the "standards" established by the AICPA, the PCC, and the FASB (FRF for SMEs, the work of the PCC, and standard US GAAP)? How will following the FRF for SMEs affect the audit opinion that you receive on your financial statements? If you are not a publicly-traded company.