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Private-Company GAAP: Can We Get a Do-Over?

Private U.S. companies need a much better solution for their financial-reporting problems than one recently proposed by a blue-ribbon panel.

Bruce Pounder, | US
February 24, 2011

IFRS SME A forgotten document

IFRS for SME will not be taken seriously in the US by private companies until the SEC rules whether the US is going to IFRS. Remember there is a aserious philosophical difference between rules based-GAAP and principle's based-IFRS. Private compnaies do not believe they should be the one's leading the way for IFRS.

Posted by M LAWRENCE | February 28, 2011 02:01 pm

What about IFRS?

Information distributed by the FASB when they appointed this board and also the contents this article in CFO Magazine both ignore the fact that a well conceived solution is already available and being used by many private companies. The IASB has prepared a version of IFRS for what they call small and medium sized enterprises, or SMEs. This is in reality IFRS for private companies. It is comprehensive and is only 230 pages long. Many private companies around the world are using it and it is working well. Why reinvent the wheel? Why ignore something that works well? The FASB and the IASB are committed to completing the major portions of convergence of U.S. GAAP with IFRS in 2011. Since public companies are going to use IFRS, why not use the considerably simplified, high quality version of IFRS that already exits?

Posted by Dewey Norton | February 25, 2011 05:27 pm

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