Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Magazine

Table: Fixing the Financial Accounting Standards Board


How Robert H. Herz and other reformers plan to shake up the much-criticized FASB

SPEED IT UP

FASB has been known to take decades to write a new accounting rule. Herz will set deadlines to limit the endless staff debates that now bog it down. Rules could pass with four votes instead of the current five.

SET PRINCIPLES

Now, FASB writes a rule for every permutation of an issue. That allows companies to structure technically correct deals that flout the rules' intent. Herz wants FASB to move to a system based more on principles.

FAIRER FUNDING

FASB depends heavily on voluntary contributions from big accounting firms. Bills in the House and Senate are expected to mandate fixed contributions from the firms and perhaps Corporate America to bolster the board's independence.


LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus