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• W289271851 abstract "It's time to see whether FASB rules really do the job. There comes a time for any set of rules when a thorough in-depth review is appropriate and necessary. For the accounting profession, globalization provides both the impetus and the opportunity. The profession needs to step back now and take a good, hard look at accounting standards--specifically those issued by FASB. We must recognize that other nations do not have, or necessarily want, the high degree of technical correctness reflected in current U.S. accounting standards. That is why we must take the time to perform a self-assessment--to look at the standards now in place and ask ourselves how well they are working. FASB's recent release of a special report, Leases: Implementation of a New Approach, is a recognition of the need to review existing standards. That recognition should be extended to include all current standards. Would a self-assessment cause FASB to divert resources from some current issues? Probably. Is that all bad? Not necessarily. Do complicated, highly technical accounting standards really serve the investing public well? Or would U.S. and global markets be better served by simpler, more understandable standards uniformly applied? PRACTICAL STANDARDS In 1972, when the Wheat Committee--a study group on the establishment of accounting principles--originally recommended the formation of FASB, its report looked forward to standards that would be practical. That concept has been lost somewhere along the way. Those of us who had supported and promoted the FASB concept also looked forward to accounting standards that would be practical and make things look However, current standards--which incorporate such things as estimates of future inflation and stock price volatility--cause accounting results to be based on varying opinions. That reduces comparability and means like things are less likely to look alike. Investors must choose from many different opportunities. Comparability among companies under consideration is essential and can be weakened by unnecessary subjectivity. The exercise of accounting judgment should not, and in fact cannot, be eliminated. But the introduction of subjective measures such as future inflation leads to the use of different basic assumptions by different reporting entities. In setting accounting standards on a national or global basis, technical correctness is less important than comparability among reporting entities. It is also less important than consistency. For example, when FASB was considering how to account for postemployment benefits, considerable discussion arose about whether future benefits should be based on general inflation rates or medical inflation rates. Neither one can be predicted reliably. I argued unsuccessfully at the time for the computation to be based on current costs. The cost of inflation would be borne in the years in which it occurred. But most important, all reporting companies would be using the same base instead of varying estimates of something that had not yet happened--future inflation. …" @default.
• W289271851 created "2016-06-24" @default.
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• W289271851 date "2000-05-01" @default.
• W289271851 modified "2023-09-24" @default.
• W289271851 title "Let's Reassess Accounting Standards" @default.
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