Now a year later, it seems the inertia of IFRS adoption in the U.S. is about to play out in a more formal way. See my post of April 9, 2014 for a brief historical context leading us to today.
CPAs Talk Tech Biz
In June 2014, FASB issued an accounting standards update known as ASU No 2014-10 that changed financial reporting for the majority of early stage start-ups. This ASU eliminated the definition of a development stage entity and the financial reporting requirements associated with that designation. This change is effective for annual reporting periods beginning after December 15, 2014 but early implementation is allowed.