US accounting standard-setters on Wednesday finalized a proposal that aims to help them draft consistent accounting rules around how to measure certain items in corporate and not-for-profit financial statements.
The Financial Accounting Standards Board settled on five concepts that determine how and when to measure an asset, such as property and equipment, or liability, such as a loan, in a financial statement. The proposal, to be issued as a draft chapter in the board’s Conceptual Framework, will be released for public comment in mid-December for a 90-day comment period, board members unanimously voted.
How to measure an asset or ...
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