The Financial Accounting Standards Board decided not to take up a project requested by first-time adopters of new accounting rules in Europe to relieve some reporting or reconciliation requirements.
FASB said it was asked to eliminate certain differences between net income and equity as reported under U.S. Generally Accepted Accounting Principles for companies that are just transitioning to International Financial Reporting Standards, now required in the European Union. The request for relief focused on four specific issues related to financial assets, functional currency, differences in currencies, and post-employment benefits.
