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  • February 2021

    Northland CPAs understands that for many small and medium-sized businesses like yours, the preparation of financial statements can be complicated and time-consuming. And sometimes, those financial statements contain information that you or users of your financial statements may not even need.  Businesses that are not required to have their financial statements prepared in accordance with generally accepted accounting principles (GAAP) have the option of using a financial reporting framework that may better suit their needs and that of their financial statement users. 

    Northland CPAs can provide you with financial statement preparation based on the Financial Reporting Framework for Small- and Medium-Sized Entities (FRF for SMEs™) produced by the American Institute of CPAs. The FRF for SMEs framework consists of simplified principles and focuses on the most useful information related to your business. The framework: 

    • blends traditional accounting principles with some accrual income tax methods;  
    • presents a cost-beneficial solution for you and others who need your financial statements prepared in a consistent and reliable manner; and
    • provides comprehensive but relevant information.

    We believe the FRF for SMEs framework gives meaningful financial information to for-profit, owner-managed smaller enterprises like yours and other interested parties without needless complexity.  We encourage you to explore the framework and can assist you in adopting it. In addition, we can offer you access to a free toolkit containing resources that clearly outline the benefits of this accounting option. The toolkit includes a letter you can share with your banker and other users of your financial statements to make them aware of the framework. Please contact us for more information.

             

    Ben Hauser, CPA
    President


    Join us in congratulating Gosia Roszina on graduating summa cum laude from Upper Iowa University with a bachelor’s degree in accounting and human resource management. Gosia was recently promoted to senior accounting associate and general business services manager. Her latest accomplishments add to her already impressive credentials that include a master’s degree in social work, an associate’s degree in accounting, and certification as an Online QuickBooks ProAdvisor. She has been with Northland CPAs for over seven years.


    Four Decades of Volunteer Service

    Congratulations to Randy Beard! Randy has volunteered his time as Treasurer of Rhinelander Little League for forty years. Yes – forty!

    As Randy passes the baton to Ben Hauser to become the new Treasurer, we are more appreciative than ever of the relationships we have with each other and the community. Randy gave Ben some parting words, “You are it for the next forty.” A tall order, but one we will strive for.

    Thank you, Randy, for setting the bar high and for all you have done for baseball in the community!


    Northland CPAs | 02/02/2021