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Accounting Plan Offers Guidance on Recognizing Financial Items

Nov. 22, 2022, 5:28 PM

The US accounting rulemaker released for public comment on Tuesday a proposal outlining how the board could set consistent rules around recognizing and “de-recognizing” items in a financial statement.

The proposal will not directly affect accounting for the US companies and not-for-profit organizations that use the Financial Accounting Standards Board’s accounting standards. Instead, it aims to update FASB’s Conceptual Framework, an internal reference book the board refers to when it sets accounting rules. The document sets broad definitions of key financial accounting concepts such as assets and liabilities, although several parts of the document are incomplete or outdated. ...