IFRS section: focus on private companies.

• Author: Heffes, Ellen M.
• Position: Financial reporting - International Financial Reporting Standard - Brief article

In the October 2007 issue of Financial Executive, Paul Pacter reviewed IASB's project to develop an International Financial Reporting Standard tailored especially for small, nonpublicly accountable--or private--companies, which were then known as "small and midsized entities or SMEs." Pacter is director of Standards for Private Entities at the International Financial Accounting Standards Board in London.

At that time, the board had issued an Exposure Draft for comment and field tests of the ED were underway around the world by real, private companies.

Now, one year later, the 162 comment letters have been analyzed, and 116 field tests have been completed. IASB has begun redeliberating the...