The International Accounting Standards Board's recently released International Financial Reporting Standards for small and midsize entities got a close-up review by the Private Company Financial Reporting Committee. "As a committee, we did not come up with any specific recommendations on" adopting the standards, "other than that we believe the issue of private-company accounting should be on the [Financial Accounting Standards Board's] agenda at some point," said Judy O'Dell, the committee's chairwoman.

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