IFRS for SMEs: A Mini GAAP

International Financial Reporting Standards (IFRS) are a set of accounting standards developed by the International Accounting Standards Board (IASB). They are considered the global standard for the preparation of public company financial statements. In July 2009, the IASB simplified the full IFRS to meet the needs of private, small and medium-sized entities (SMEs). As the U.S. considers adopting IFRS in the future, SMEs in the U.S. have the opportunity to convert now. Should they? This paper examines the pros and cons of doing so.   

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