Document Type
Article
Department or Administrative Unit
Accounting
Publication Date
12-2010
Abstract
In October 2008, The FASB and the IASB issued a discussion letter for comment proposing a complete redesign of financial statements. This was the result of a project that began for both boards in 2001. More than 200 comment letters were received from individuals, accounting firms, professional societies, corporations, and others from the business community. The FASB and IASB have analyzed the input, and are currently preparing an exposure draft scheduled for release in early 2011. This paper reviews the proposed changes to the financial statements, summarizes the favorable and unfavorable responses contained in the comment letters, and examines the implications that the changes will have on the business community, the accounting profession, educators, and investors.
Recommended Citation
Ehoff, Jr., C. (2010). Financial statements are about to get a new look. Journal of Business and Economics Research 8(12), 69-76. DOI: 10.19030/jber.v8i12.783
Journal
Journal of Business & Economics Research
Creative Commons License
This work is licensed under a Creative Commons Attribution 3.0 License.
Comments
This open access article was originally published in the Journal of Business & Economics Research. The full-text article from the publisher can be found here.