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Financial Reporting Framework (FRF) for Small to Medium Sized Entities (SMEs)

All financial statements are prepared in accordance with a FRF e.g. Generally Accepted Accounting Principles (GAAP) in the United States of America, and International Financial Reporting Standards (IFRS).

The FRF for SMEs framework is a new accounting option for preparing streamlined, relevant financial statements for privately held, owner-managed, and smaller- to medium-sized for-profit private entities, that need reliable, financial statements, when GAAP financial statements are not required.

The FRF for SMEs framework is constructed of accounting principles that are especially suited and relevant to a typical SME. Examples include the following:

The FRF for SMEs framework uses historical cost as its measurement basis and steers away from complicated fair value measurements.

The framework does not require complicated accounting for derivatives, hedging activities, or stock compensation. Moreover, the FRF for SMEs framework disclosure requirements are targeted, providing users of financial statements with the relevant information they need while recognizing that those users can obtain additional information from management if they desire.

The FRF for SMEs framework consists of traditional accounting principles and accrual income tax accounting methods which are very familiar to lenders. The FRF for SMEs framework is intended to be utilized by entities whose lenders base their decisions principally on reliable […]

By Linkenheimer LLP|2020-09-03T20:05:48+00:00November 5th, 2013|CPA, Financial Reporting Framework, frf, Linkenheimer, Santa Rosa, Small to Medium Sized Entities, sme, steve miksis|0 Comments

Linkenheimer’s 34th Annual Golf Tournament (Pics Inside)

Over 110 clients, family and friends joined us for the 34th Annual Linkenheimer & JDH Golf Tournament at the Oakmont Golf Club. The success and attendance of the event is a direct reflection of how many great people show up to play every year. We’ve always said the people are what makes us different at Linkenheimer. Those people include our clients, staff and the families who support us. Each one is a pillar in the creation of a unique workplace, where our staff is in it for the “long haul”, and dedicated to providing our clients outstanding service. Our annual tournament is our way of saying “thank you” to all of you. We are looking forward to next year’s tournament and the growth of relationships that develop along the way.

Check us out on
or the gallery on our website.

By Linkenheimer LLP|2020-09-03T20:05:48+00:00October 10th, 2013|2013, best palce to work, golf, Linkenheimer, oakmont, tournament|0 Comments

Linkenheimer Named Best Place to Work in the North Bay

By Linkenheimer LLP|2020-09-03T20:05:50+00:00August 7th, 2013|award, best place to work, CPA, journal, Linkenheimer, north bay, north bay business, Santa Rosa, staff|0 Comments

Planning for the new Medicare taxes in 2013

As summer quickly passes and we head into the last half of 2013, it is a good time to evaluate your income and deductions for the year and begin working with your CPA on planning strategies to reduce your overall tax burden.

Specifically, upper income individuals should be aware of the additional Medicare Tax which applies to earned income (wages and self-employment income). Prior to this new tax provision beginning in 2013, any wages paid to you by your employer were subject to a 2.9% Medicare payroll tax, which was split equally by you and your employer (1.45% each). Beginning in 2013, wages above $200,000 for individual tax filers, or $250,000 for married taxpayers filing jointly, will be subject to an additional .9% Medicare tax.

For illustrative purposes, this would mean that if you and your spouse file a joint tax return and have combined wages of $350,000, you will end up paying an additional $900 in Medicare taxes. Employers are required to withhold this additional tax for employees with wages in excess of $200,000, and any underpaid or overpaid Medicare taxes will be adjusted for on your income tax return. Individuals with both wages and self-employment income aggregate their earned […]

By Linkenheimer LLP|2020-09-03T20:05:50+00:00July 26th, 2013|2013, 3.8, best, carli ortiz, CPA, Linkenheimer, medicare, planning, Santa Rosa, strategy, tax, upper income|0 Comments

Obama Administration Postpones Large Employer Health Care Mandate Until 2015

The requirement that businesses provide their workers with health insurance or face fines – a key provision contained in President Obama’s sweeping health care law – will be delayed by one year, the Treasury Department said Tuesday.

The postponement came after business owners expressed concerns about the complexity of the law’s reporting requirements and some viewed it to be a potential job killer in an already struggling economy. Under the Affordable Care Act, businesses employing 50 or more full-time workers that don’t provide them health insurance will be penalized. The extra year before the requirements go into effect will allow the government more time to assess ways to simplify the reporting process for businesses.

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By Linkenheimer LLP|2013-07-03T21:53:00+00:00July 3rd, 2013|2015, affordable care act, CPA, Health care, law, Linkenheimer, mandate, obamacare, postpone, Santa Rosa|0 Comments