New Measurement Guide Marks End to Accounting Framework Journey

The Financial Accounting Standards Board on Friday published the final chapter in its internal guide, laying out factors for the US standard-setter’s board members to consider when they craft rules on measuring assets and liabilities.

The chapter, FASB Concepts Statement No. 8, won’t change accounting for the US companies and not-for-profit groups that use FASB’s accounting rules. Instead, the update will be enshrined in FASB’s Conceptual Framework, which lays out bedrock financial reporting ideas, like the definitions of revenues and expenses. The framework is akin to a handbook for FASB members to help them write consistent accounting rules ...