U.S. entities can use general purpose frameworks or special purpose frameworks for financial reporting. The general purpose frameworks are: U.S. Generally Accepted Accounting Principles (GAAP), International Financial Reporting Standards (IFRS) or International Financial Reporting Standards for Small and Medium-Sized Entities (IFRS for SMEs). The special purpose frameworks are: Tax, Cash or the AICPA’s Financial Reporting Framework for Small and Medium Sized Entities (can only be used by non-public entities).