Accounting Leader Reiterates Corporate Expense Rules Deadline

Companies should work to meet an upcoming deadline to break down for investors major costs affecting their income, even as some have called for a delay, the US accounting board’s leader said.

The Financial Accounting Standards Board’s updated financial disclosure rules regarding the income statement don’t have a deferred effective date, Chair Richard Jones said Thursday at a financial reporting conference at the University of Southern California. Still, the rules—released in 2024 to help investors better understand how businesses spend their money—have faced criticism from companies as they struggle to meet the required timeline.

Corporate executives urged FASB ...