After almost seven years of on-again, off-again work, U.S. accounting rulemakers killed an effort that was supposed to simplify how companies label debt on their balance sheets.
The bottom line: Distinguishing between what’s due right away versus what’s due in the future wasn’t so simple, after all.
“I’m concerned that it just trades one complexity for another,” Marsha Hunt, Financial Accounting Standards Board member, said at Wednesday’s board meeting.
A majority of board members agreed. Even if they approved the controversial plan, there still would be questions about loans and ...