This question was asked during the Proformative
Will there be differences in the application or timing of convergence changes between private companies vs. public companies? (Webinar Attendee Question)
Answers
No firm decision on this as of yet, as we do not even know if IFRS will ever be adopted in the U.S.
However, I have seen other countries allowing private companies to adopt simplified version of GAAP. For example, in Canada, which adopted IFRS in 2011, allows the private companies to either report under IFRS or report under other simplified
I will presume a similar approach might also be followed in U.S. as this will make the transition much easier for the private companies.