There has been a recent major "push" to converge U.S. GAAP with International Financial Reporting Standards (IFRS). The first wave of change will mostly impact issuers regulated by the SEC, who may decide by the end of 2012 whether to begin mandating the use of IFRS. However, as with any changes to professional and regulatory standards related to issuers, the impact on non-issuers will not be far behind. In fact, there is already an increasing demand for a single set of globally accepted simplified accounting standards for non-issuers as well, which resulted in the release of IFRS for Small- and Medium-Sized Entities. Perhaps this will evolve into little U.S. GAAP for U.S. non-issuers in the very near future?