Executives in charge of financial reporting should prepare themselves: Accounting rulemakers are about to give their world one of the most profound transformations it has seen in decades.
By the end of June, companies can expect to see nearly a dozen major proposals from the Financial Accounting Standards Board as it tries to converge U.S. Generally Accepted Accounting Principles with International Financial Reporting Standards. In the works are overhauls of lease accounting, fair value measurement, consolidation of subsidiaries, and even how financial statements are presented to investors—and that’s less than half of what’s coming.
FASB is racing to complete convergence with IFRS ...