IFRS for Small and Medium Sized Entities - A New Choice for Many U.S. Private Companies
Karl Braun, Partner, U.S. IFRS Project Management Office; Paul Munter, Partner, Department of Professional Practice - Audit and Advisory; Sheri Anderson, Senior Manager, Department of Professional Practice | July 27, 2009 | 12:00pm ET
IFRS Institute
Many private companies and subsidiaries of foreign multinationals in the United States have a new choice. The International Accounting Standards Board (IASB) has recently issued an International Financial Reporting Standard (IFRS) designed for use by small and medium-sized entities (SMEs).
The standard, which is a result of a five-year development process with extensive consultation with SMEs worldwide, simplifies many of the principles in full IFRSs for recognition and measurement, omits topics not relevant to SMEs, and significantly reduces the number of required disclosures. It is intended to be a full set of GAAP for private companies in 230 pages.
This IFRS Institute Webcast provides an overview of the simplifications and deletions in IFRS for SMEs compared to full IFRS, and provides insight into practical implications for companies considering adopting IFRS for SMEs.