From the Journal of Accountancy – While the SEC moves toward a 2011 vote on whether to require U.S. public companies to report using IFRS, a more compact version of the international standards is already an option, subject to state board approval, for U.S. private companies. Now there’s a free online tool to help preparers understand how that streamlined standard compares to U.S. GAAP.
The IFRS for SMEs-U.S. GAAP Comparison Wiki, available at wiki.ifrs.com, is a collaborative resource launched in January for understanding differences between the two sets of financial reporting standards. IFRS for SMEs is a simplified version of full IFRS aimed at meeting the needs of private company financial reporting users. It eliminates some of the requirements meant specifically for public entities.
This is going to be a very interesting development if the SEC mandates a move to IFRS. I expect there will be lots of work for Financial consultants and report writers. Could this be as big as Y2K?
Boris Goldenberg
http://www.mlbig.com/jde-blog
By: Boris Goldenberg on April 22, 2010
at 6:42 am