Commentary: Hey, Fasb, What's The Rush?

In Norwalk, Conn., the Financial Accounting Standards Board has kicked up another fuss. It's on the verge of setting new rules that will dramatically alter the way companies account for their use of derivatives--that is, financial instruments used for speculation or risk hedging. While FASB pronouncements are supposed to be "generally accepted accounting principles," these new rules are about as "generally accepted" as rain at a football game. In the interest of harmony, FASB should postpone them for at least a year, so affected companies have more time to suggest improvements and prepare for compliance.

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