Simplifying the IFRS for Private Entities

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10 Nov 2008

We have posted an article by Paul Pacter, the IASB's Director of Standards for Private Entities (who is also webmaster of IAS Plus) about Simplifying the IFRS for Private Entities.

Paul's article (PDF 226k), which was published in Financial Executive magazine November 2008 issue, reviews the decisions made by the IASB in the past six months to further simplify the IFRS for Private Entities. Those decisions are based on the Board's consideration of:

  • the 162 letters of comment on the exposure draft
  • the results of field tests of the ED by 116 small companies
  • recommendations of the IASB's Working Group on the project
  • further staff research since publication of the ED

The article also identifies the remaining steps for completion of the standard and comments on the possibility of using the standard in the United States. The article is copyright by Financial Executives International, and we have posted it on IAS Plus with their kind permission.

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