Question: Why is the Financial Reporting Framework for Small - and Medium - Sized Entities an important change to GAAP? Is it GAAP and how does

Why is the Financial Reporting Framework for Small- and Medium-Sized Entities an important change to GAAP?
Is it GAAP and how does the framework work?
Give an example of a small or medium-sized business that you are familiar with that would be impacted by this framework, and how they would be impacted.

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