Deloitte Point of View Outlines IFRS Implications for Private Companies

What: "IFRS: What It Means For Private Company Reporting"

Who: D.J. Gannon, national leader, Deloitte's IFRS Center of
Excellence

When: Available immediately

Where: www.deloitte.com/us/IFRSforPrivateEntities

Details: A new point of view publication from Deloitte discusses the
movement toward International Financial Reporting Standards
(IFRS) and its implications for private company financial
reporting in the United States. The latest in a series of
points of view from Deloitte that focuses on IFRS, it
discusses some financial reporting issues that may be unique
to private companies and the efforts of the International
Accounting Standards Board to develop a simplified set of
global standards geared specifically to private companies.
Potential benefits and challenges of using either full IFRS or
the simplified version of IFRS for private companies, as well
as some key questions and considerations for private company
financial statement users and preparers are also covered in
the paper.

"The benefits of global standards are not limited to public
companies, as markets are also becoming integrated for
private companies, both large and small. More and more
private companies are likely looking to do business across
borders and obtain financing from foreign sources," said
Gannon. "Reduced complexity, greater transparency, increased
comparability, and improved efficiency are all potential
benefits of full IFRS and IFRS for private entities. Both
full IFRS and IFRS for private entities also may reduce the
burden of financial reporting on private companies, thereby
reducing compliance costs."

Gannon is available for commentary and further discussion
about private companies and IFRS.

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