A Voice for Small Businesses: IMA[R] Formed the Small Business Financial and Regulatory Affairs Committee (SBFRC) to Help Give Smaller Businesses and Private Enterprises Stronger Influence on the Issues That Impact Them and Greater Participation in the Standards-Setting Process

By Alexander, Andre | Strategic Finance, February 2012 | Go to article overview

A Voice for Small Businesses: IMA[R] Formed the Small Business Financial and Regulatory Affairs Committee (SBFRC) to Help Give Smaller Businesses and Private Enterprises Stronger Influence on the Issues That Impact Them and Greater Participation in the Standards-Setting Process


Alexander, Andre, Strategic Finance


How many of you in small businesses and privately held companies have felt overwhelmed and overburdened by regulatory and financial disclosures? Have you wondered who helped shape these policies and why? How many times have you asked yourself if all of the disclosures required by U.S. Generally Accepted Accounting Principles (GAAP) are really necessary?

The U.S. accounting standards-setting entities and regulatory bodies have historically focused on the external reporting needs of publicly traded companies. But publicly held enterprises represent only a small percentage of the total business enterprises in the United States. The standards have been promulgated with little input from smaller businesses and privately held companies.

Too often, CFOs of smaller enterprises learn about new regulations or accounting standards when their auditors arrive to conduct their annual audit. Sound familiar? You and your finance team are often too busy running the business to actively participate in the regulatory and standards-setting process. Who has time to respond to an exposure draft when your controller just quit and your company just lost its largest client?

For those in privately held companies, the disclosure requirements, in many instances, are simply unnecessary or too costly. Your investors and bankers are generally closely connected to the enterprise and can readily obtain the information they need to make decisions. You choose not to comply with all of the standards and instead elect to have a GAAP exception noted in your financial statements. But how many exceptions will result in non-GAAP financial statements?

In response to these problems, IMA[R] formed the Small Business Financial and Regulatory Affairs Committee (SBFRC) to give its members working in small businesses and privately held companies an opportunity to speak directly with standards-setting and regulatory bodies and participate in the standards-setting process. While IMA's Financial Reporting Committee (FRC) has been active in regulatory advocacy for more than 25 years, its membership, which includes representatives from some of the largest companies and accounting firms in the world, doesn't represent the views of small to medium-sized enterprises or privately held companies. Together, these two committees serve as a voice on accounting standards and regulatory compliance for the management accounting profession. …

The rest of this article is only available to active members of Questia

Sign up now for a free, 1-day trial and receive full access to:

  • Questia's entire collection
  • Automatic bibliography creation
  • More helpful research tools like notes, citations, and highlights
  • Ad-free environment

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this article

This article has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this article

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited article

A Voice for Small Businesses: IMA[R] Formed the Small Business Financial and Regulatory Affairs Committee (SBFRC) to Help Give Smaller Businesses and Private Enterprises Stronger Influence on the Issues That Impact Them and Greater Participation in the Standards-Setting Process
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Full screen

matching results for page

Cited passage

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited passage

Welcome to the new Questia Reader

The Questia Reader has been updated to provide you with an even better online reading experience.  It is now 100% Responsive, which means you can read our books and articles on any sized device you wish.  All of your favorite tools like notes, highlights, and citations are still here, but the way you select text has been updated to be easier to use, especially on touchscreen devices.  Here's how:

1. Click or tap the first word you want to select.
2. Click or tap the last word you want to select.

OK, got it!

Thanks for trying Questia!

Please continue trying out our research tools, but please note, full functionality is available only to our active members.

Your work will be lost once you leave this Web page.

For full access in an ad-free environment, sign up now for a FREE, 1-day trial.

Already a member? Log in now.