Accounting Measurement Plan Draws Blunt Feedback for US Board

How businesses should measure assets and liabilities is one of the trickiest issues in accounting. Feedback on a plan to streamline US rulemakers’ approach to setting measurement requirements reflects just how thorny that debate can get.

Academics, audit firms, and professional groups gave blunt feedback on a Financial Accounting Standards Board proposal laying out high-level concepts for how assets and liabilities should be measured, comment letters show. The proposal is confusing, some responses said, and others said it didn’t go far enough to help the board craft consistent accounting rules.

The proposal, issued in December as a draft chapter ...