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IFRS and Privately-Held Companies


This report is to give executives of private companies a basic introduction to the implications of International Financial Reporting Standards (IFRS). Privately held companies are not subject to SEC reporting requirements, but should be aware that IFRS represent an alternative to GAAP that they may want to consider. Unlike public companies, private companies face a choice not only between GAAP and IFRS, but between full IFRS and IFRS for Private Entities. Therefore, this report addresses both sets of standards insofar as they may affect private companies. The report does not limit itself to discussions of accounting defferences, but discusses the impact of those differences on financial reporting, tax reporting, the raising of capital, and other activities.

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