Question 5 Why has the AICPA created the FRF for SME? O FASB standards no longer apply to small and medium-sized entities Och The FRF for SMEs is likely to be more useful than FASB standards for many small and medium-sized businesses ObThe Income tax basis of accounting is no longer acceptable when financial statements are dedor reviewed Od The FRF for SMEs provides more information about present and realizable values of assets and Habilities Question 6 A company developed its own comprehensive basis of accounting and fully discloses the basis Innotes to its financial statements. It combines elements of FASO standards with the tax basis of counting and the for SMEs. What is this basis of accounting considered to be! a) An unacceptable hybrid basis of accounting Obi Another comprehensive basis of accounting Od A special purpose framework Od An acceptable modification of the tax basis of accounting Question / Which of the following qualities does the FRF for SMEs describe as important to achieve relevance, but the FASB does not? O a) Predictive value Ob) Reliability Oc) Timeliness d) Neutrality