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Accounting Rulemakers Ask Whether New Standards Are Working

Aug. 11, 2020, 5:10 PM

U.S. accounting rulemakers want to know: Were their big-ticket changes for revenue, leases, and loan losses worth it?

The Financial Accounting Standards Board on Tuesday said it has created an online portal for public feedback on some of the most significant new accounting standards in years.

  • The “post-implementation review” of the three accounting standards is a way to ensure that the rules are improving financial reporting. “It is an important quality control mechanism built into FASB’s standard-setting process,” FASB said. Once the board gathers enough feedback and does more research, it decides whether tweaks or improvements are needed.
  • Back-to-back changes ...