International Financial Reporting Standards: What It Means For Private Company Reporting

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Executive Summary

This paper discusses the movement toward International Financial Reporting Standards (IFRS) and its implications for private company financial reporting in the United States. It also discusses some financial reporting issues which may be unique to private companies, and the efforts of the International Accounting Standards Board to develop a set of global standards geared specifically to private companies, IFRS for Private Entities. Finally, the paper discusses the potential benefits and challenges of using either IFRS or IFRS for Private Entities, as well as, some key questions and considerations for private company financial statement users and preparers.

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