Private, Inc. is a growing U.S. manufacturing company of solar water processing equipment that exports 50 percent of its product. The CEO has commissioned a feasibility study for adoption of IFRS for SMEs. She has heard at a conference that IFRS for SMEs could be beneficial for the company's financial reporting. She has asked you, as CFO, to investigate the differences in IFRS for SMEs from full IFRS and indicate the differences that you think would have the most impact of your company. Refer to Exhibit 4-1 in developing your answer and be sure to take into account the type of business in which Private, Inc. is engaged.