Businesses receiving government incentives to make microchips, invest in green energy, or create jobs would have to officially report these incentives under a US accounting plan to be released later this year.
A divided Financial Accounting Standards Board on Tuesday agreed to issue the proposal, filling a decades-old hole in the US accounting rulebook. The move would essentially insert the London-based International Accounting Standards Board’s IAS 20 into US generally accepted accounting principles, or GAAP, and make businesses recognize and measure government grants and breaks for the first time.
“Prior to joining you folks here at this table, I couldn’t ...