KPMG, PwC Rebuffed on Requests to Fix Narrow Accounting Issues

U.S. accounting rulemakers on Wednesday rejected requests from KPMG LLP and PricewaterhouseCoopers LLP to clarify two separate, narrow areas of accounting.

Members of the Financial Accounting Standards Board said the questions from the Big Four firms weren’t pervasive enough in practice to warrant changes to the accounting standards. One of the requests, from KPMG, may cause some accounting headaches, but regulators told FASB that the confusion didn’t ultimately slow down business transactions, said FASB Vice Chairman James Kroeker.

“They weren’t viewing it as an impediment for capital raising, which would really be the area for which ...