Small Business May Get More Time to Meet Accounting Standards

U.S. accounting rulemakers will start debating in July whether small public companies and privately held businesses should have extra time to comply with new accounting rules.

A shift of when businesses must follow major new accounting standards could have significant effects across the market—both good and bad, depending on who’s considering the effect, members of the Financial Accounting Standards Board’s main advisory panel told the rulemakers June 20.

“This is near and dear to my heart and I’m going to light it up,” said Richard Forrestel Jr., treasurer of Cold Springs Construction Co. in Akron, N.Y., who told FASB ...