CFO.com writer Marielle Segarra reports that a group of CFOs and finance executives from small public companies noted during a Securities and Exchange Commission roundtable that shifting to International Financial Reporting Standards would be “painful and costly.”

According to the article, panelists said that the change would force small public companies to expend staff time and resources for no benefit and that those without direct competitors would not even enjoy the advantage of greater comparability.

Commenting on the best way to carry out the IFRS transition, the panelists preferred a one-time changeover to a prolonged adoption period, noting that a gradual implementation would stress already stretched resources, the article said.

To read the full CFO article click here.