Legislative / Regulatory

New FAQs examine IFRS for small, mid-size companies

Global IFRS is hot again, and public companies aren't the only ones getting in on the act.

Equally hot of late is IFRS for Small and Medium-Size Entities, a 230-page standard from the International Accounting Standards Board designed to meet the reporting needs of smaller businesses.

Released in July 2009, IFRS for SMEs is generating a lot of buzz lately and resurrecting the debate over whether there should be a separate set of reporting standards for private companies.

I spoke with Judy O'Dell recently about this issue. Judy, an MACPA member and chair of the FASB's Private Company Financial Reporting Committee, has been on the IFRS frontlines recently, speaking with private-company CPAs and AICPA leaders alike about their needs and concerns. I'm working on turning that conversation into a podcast, which will be ready soon and will definitely be worth a listen. Stay tuned.

In the meantime, the AICPA has prepared a list of FAQs and answers about IFRS for SMEs. It addresses some of the biggest challenges, headaches and opportunities facing small businesses that decide to adopt IFRS.

Read the FAQs here, then tell us: Is IFRS ready for prime time in the United States?

Want to learn more? Check out these IFRS-related resources and programs:

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Bill Sheridan