Made-in-'80s Software Accounting Rules Teed Up for Generation Z

The same year Microsoft Corp. launched Excel, U.S. accounting rulemakers published rules on how businesses account for costs to develop new software they sell to the public.

It was 1985. Thirteen years later, the Financial Accounting Standards Board came up with a separate set of rules for companies that develop software they plan to use internally. Despite rapidly changing technology and new types of software, the accounting standards have remained virtually untouched over the decades. It’s now time for a fresh look, members of the Financial Accounting Standards Board said Wednesday.

“Looking at the timing of when ...