After decades of discussion and debate, private companies in the U.S. may finally get their own set of accounting standards. While a move to a simpler set of standards for smaller companies has been debated for decades, globalization and the prospect of convergence with global accounting standards are making such a switch more likely than ever. Despite the progress, it's expected to take years for the change to occur as experts decide which system would work best for U.S. private companies.
"There are two general debates," says D.J. Gannon, leader of Deloitte's IFRS Center for Excellence. "First, do we move to a global set of standards? Second, what do you do for public vs. private companies?"