U.S. accounting rulemakers dodged a bullet in October when California Gov. Gavin Newsom vetoed a bill that would have made charities ignore long-standing, national accounting rules if they solicited donations in the Golden State.
The Oct. 12 veto, however, didn’t resolve how to stop fraud when not-for-profit organizations report the value of expensive drugs and medical devices they intend to distribute overseas. Free from the pressure of state lawmakers tinkering with U.S. accounting rules, the Financial Accounting Standards Board is now poised to offer some clarity—in small doses.
FASB on Nov. 6 ...
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