Financial reporting executives, prepare yourselves: Rough seas lie ahead for corporate accounting.
The habit in recent years of churning out narrow changes to accounting standards, usually focused on the financial crisis, are coming to a close. In coming months a slew of new proposals will emerge from the Financial Accounting Standards Board that promise to transform financial reporting fundamentally—and all will be coming at once.
Scott Taub, a former acting chief accountant at the Securities and Exchange Commission and now a Compliance Week columnist, warned attendees at Compliance Week 2010 last week that they can expect to see FASB adopt a ...