September 24, 2022

From the Sounds of It, Small Companies Better Learn to Love IFRS

SEC Chief Accountant James Kroeker is "hopeful" that the SEC can figure something out re: IFRS in the coming months but if you're a controller/CFO type at a small company who thought that this wasn't going to be your problem, Jim has news for you:

He downplayed the notion of smaller firms being able to opt out indefinitely if U.S. adoption went ahead. "Having a model that works for everyone, even if there is a delay in timing, is important, otherwise you ingrain the idea that the smaller companies will never have to change and you end up with a two GAAP system permanently in the U.S.," he said.
At least that will make the decision process easy.
 

 

Latest Accounting Jobs--Apply Now:

Have something to add to this story? Give us a shout by email, Twitter, or text/call the tipline at 202-505-8885. As always, all tips are anonymous.

Comments are closed.

Related articles

A Petition to Fire SEC Chair Gary Gensler Has Almost 25,000 Signatures

“Al from Boston” and 23,919 other individuals would like to see SEC Chairman Gary Gensler gone, namely for obstruction of justice, incompetence, and screwing over retail investors. From the change.org petition: SEC Chairman Gary Gensler is complicit in criminal activities perpetrated by Citadel Securities, Citadel the Market Maker in naked short selling and dark pool […]