February 28, 2021

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.
 

 

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