April 13 Is Deadline For Comment On Revised Accounting Rules

ByJohn S. McClenahen Manufacturers and other companies have until April 13, 2004, to comment on four accounting rule changes proposed by the Norwalk, Conn.-based Financial Accounting Standards Board (FASB). The changes would modify U.S. GAAP (generally accepted accounting principles) and bring American rules into closer accord with international accounting standards. The proposed rules affect the booking of voluntary changes in accounting policy, the calculating of earnings per share, accounting for asset exchanges, and expensing of unusual amounts of idle capacity and spoilage costs. The detailed proposals, called exposure drafts, appear on FASB's Web site: www.fasb.org.