The aim is to present the accounting framework for small and medium sized companies in the United States of America that has been developed by a task force of the American Institute of Certified Accountants. Companies that can use Financial Reporting Framework as well as target elements and the qualitative characteristics of financial statements have been displayed. Value of individual elements of the Statement of Financial Position as: current assets, current liabilities, long term liabilities, financial assets and financial liabilities, inventories, intangible assets and property, plant and equipment have been processed. Also, determining the value and disclosure of Statements on operations and preparation of the Statement of cash flow from operating, investing and financing activities have been presented.