Detail It's Time to Simplify Accounting Standards   Oleh:  Beresford, Dennis R. Jenis: Article from Bulletin/Magazine Dalam koleksi: Journal of Accountancy vol. 187 no. 3 (1999), page 65. Topik: ACCOUNTING; simplifying; accounting standards Ketersediaan Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ85.8 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada     Lihat Detail Induk Isi artikel These two relatively straightforward statements are the essence of FASB Statement no. 133, Accounting for Derivative Instruments and Hedging Activities, an excellent pronouncement that will result in long - needed improved financial reporting in this important area. However, one drawback is that the statement runs 245 pages long, much of it among the most complex text of any accounting standard to date. Many pages of Statement no. 133 are devoted to examples of how the standard applies in certain contexts. Another hefty section, Basis for Conclusions, includes FASBs reasoning for its positions. These sections are helpful to implementing Statement no. 133. However, accountants must carefully read and understand all 245 pages to ensure that the statement is adopted properly, a formidable challenge even for those relatively few accountants with a good understanding of derivatives. In addition to the length and complexity of Statement no. 133 - or more likely because of them - FASB had all the Big Five accounting firms help it prepare an educational course on the new standard. A FASB - sponsored derivatives implementation group began meeting in early September and is expected to develop even more detailed interpretations. The FASB s emerging issues task force (EITF) and the SEC accounting staff may weigh in with still more guidance in time. Opini Anda Klik untuk menuliskan opini Anda tentang koleksi ini! Kembali

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