Financial Reporting ‘Little GAAP’ vs. Financial Reporting Framework: As a CPA, People Expect You to Know This Crap Greg Kyte August 27, 2013 Welcome to the latest edition of Accumulated Deprecation, Greg Kyte's monthly column. Go here to read more of Greg's posts. GAAP is hard. I mean it was hard. But now accounting for private companies and small- and medium-size entities (SMEs) is super easy compared with just two months ago.