Our Recommendations :-
Follow CA Final FB Page

What is meant by owner-managed entity? Is the FRF for SMEs TM framework only intended for owner-managed entities?

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 rohith asked over 2 years ago

Hi I am CA student. I want to know, What is meant by owner-managed entity? Is the FRF for SMEs TM framework only intended for owner-managed entities?

    0       0 Answer Now Comment Report
1 Answers
Important Note – Preparing for CA Final?
CAKART provides Indias top faculty each subject video classes and lectures – online & in Pen Drive/ DVD – at very cost effective rates. Get video classes from CAKART.in. Quality is much better than local tuition, so results are much better.
Watch Sample Video Now by clicking on the link(s) below – 
For any questions Request A Call Back  
Open uri20170510 32134 s5bvk0?1494421637 ARJUN PRATAP SINGH answered over 2 years ago

Dear Friend, as far as your query is concerned that What is meant by owner-managed entity? Is the FRF for SMEs TM framework only intended for owner-managed entities? Let me informed that An owner-managed entity is a closely held company in which the people who own a controlling ownership interest in the entity are substantially the same set of people who run the company (in contrast with public companies where the ownership and the management are clearly separated). Owner-managed businesses represent the majority of all businesses in the United States. Often, owner-managed entities do not have a qualified CPA on staff. Rather, the owner-managers or bookkeepers maintain the entities’ books and records. The term owner-managed was selected to help describe the typical entity that would benefit from using the FRF for SMEs framework. The AICPA does not intend to scope out entities that may not be owner managed from using the FRF for SMEs framework. Entities that have operational management who are not the owners may find that the framework is an ideal choice for their financial reporting needs and circumstances. Hope answer was helpful to you Regards, Arjun Pratap Singh

    0       0 Comment Report
Get Notifications
Videos
Books
Notes
Loading
SIGN UP
Watch best faculty demo video classes

These top faculty video lectures will
help u prepare like nothing else can.