Details

  • Service: Audit, Financial Statement Audit, Attestation Services
  • Type: Business and industry issue
  • Date: 8/27/2009

A closer look at IFRS for SMEs 

In-depth report on the IASB’s simplified version of IFRS available for use by ‘small and medium-sized entities,’ or SMEs, if they are nonpublic entities without ‘public accountability’ and local jurisdictions permit its use. Most U.S. nonpublic companies fit the SME definition and its use is permitted.
This edition of Issues in-depth identifies decision-making considerations for U.S. entities evaluating whether to convert to IFRS for SMEs, compares IFRS for SMEs to U.S. GAAP, and explains the SME standard’s transition provisions
 

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