I recently wrote about the opportunities and challenges that the new Financial Accounting Standards Nos. 166 and 167 bring to U.S. financial reporting. My fear was that the new standards won’t help improve financial reporting not because of shortcomings in the standards themselves, but because experience suggests that implementation of the standards might not go the way we all would like.
Bear with me, folks, but I’m about to express very similar concerns about another significant change in U.S. Generally Accepted Accounting Principles.
Accounting Standards Update No. 2009-13 changes the guidance in Sub-topic 605-25 of the Accounting Standards Codification on ...