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Article: FASB issues exposure drafts to support global accounting standards.(News)(Financial Accounting Standards Board)
- Article from:
- Strategic Finance
- Article date:
- January 1, 2004
- Author:
CopyrightCOPYRIGHT 2004 Institute of Management Accountants. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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LAST MONTH THE FINANCIAL ACCOUNTING STANDARDS BOARD (FASB) issued four new Exposure Drafts that would improve U.S. generally accepted accounting principles (GAAP) and converge U.S. accounting guidance with existing international accounting standards. Comments on each Exposure Draft are due by April 13, 2004.
The Exposure Drafts are:
* Accounting Changes and Error Corrections--a replacement of APB Opinion No. 20 and FASB Statement No. 3 (Proposed Statement of Financial Accounting Standards). Voluntary changes in accounting policies would be required to be applied by retrospective application rather than by cumulative effect adjustment as is required now.