By ALEXANDRA DEFELICE
APRIL 2010
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.
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