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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.

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