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Reduce the cost and complexity of preparing your private entity's financial statementsSmall and medium sized entities need practical, hands-on guidance on the newly issued International Financial Reporting Standard for Private Entities. Now, Wiley IFRS Private Entities provides concise coverage of the new, simplified accounting framework issued by the International Accounting Standard Board (IASB).Here, you will find insight to determine whether adoption of the standard will be cost-beneficial and the guidance needed to effectively transition to the new standard. A first-of-its kind reference designed to assist privately held entities in reducing the cost and complexity of their accounting and reporting processes A viable, globally endorsed alternative to the onerous and complex requirements of US Generally Accounting Principles (US GAAP) Provides the practical, real-world examples, illustrations, and insights you've come to depend on from Wiley accounting publicationsThroughout, chapters are illustrated with examples, decision diagrams, sample disclosures, as well as with insights from the authors of Wiley IFRS 2009. In addition, where appropriate, the new standard is compared with existing US GAAP and discussed in the context with how it simplifies the process of preparing, reviewing and auditing financial statements.