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IFRS for SMEs: Not for Private American Companies by ProQuest


The International Accounting Standards Board (IASB) published an abridged version of its International Financial Reporting Standards (IFRS) titled IFRS for Small and Medium-sized Entities (SME) on Jul 9, 2009. IFRS for SMEs was released in response to protests from private companies in regions with limited accounting resources and where public and private companies alike are required to file financial statements; neither of these conditions applies in the US. In the context of the rules-based culture of the US, it is important to recognize that US GAAP is already a highly technical set of accounting standards to which most private companies adhere. Beyond the difficulties posed toward the end users, the implementation of two sets of standards would also divide the talent pool of qualified accountants. More experienced accountants would find it hard to make a career transition between a public and private company, or vice versa.

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