The transition from GAAP to IFRS raises special issues for U.S. Government contractors, according to William Keevan, senior managing director of Kroll Inc. "These issues stem from the impact that contractors' accounting practices, and changes to those practices, have on their contract costs, prices and profitability," says Keevan.

In an interview with IFRS Reporter, Keevan noted that the Federal Acquisition Regulation (FAR) sets forth the principles governing the reimbursement of costs incurred by government contractors. The Cost Accounting Standards Board (CASB) sets forth the rules for cost measurement, assignment to accounting periods and allocation to contracts.

A prominent accountant calls the International Accounting Standards Board “misleading”.

Users of private company financial statements have different needs than stock analysts and investors in public companies.  So many public-company disclosures are irrelevant to the users of private company statements.  The International Accounting Standards Board says that IFRS for Private Entities aims to give private companies a simpler accounting standard.  Now in draft, IFRS for Private Entities will probably be published early in 2009.