US accounting standard-setters on Thursday issued a proposal asking the public for feedback on their how-to guide for setting consistent accounting rules on measuring assets and liabilities.
The proposal, issued as a draft chapter in the Financial Accounting Standards Board’s Conceptual Framework, would update an internal guide FASB refers to when making tricky decisions about writing accounting rules. Measuring assets and liabilities is one of the thorniest issues in financial reporting.
If finalized, the proposal would not directly affect or change the accounting for US companies and not-for-profit organizations that follow FASB’s rules. It could influence how the ...
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