Accounting Coming Closer To Common Standards

Manufacturers and other companies have until November 3 to comment on initial ideas for common accounting standards. Draft documents on financial reporting objectives and types of data that should be reported have been published by the Norwalk, Conn.-based Financial Accounting Standards Board (FASB) and the London-based International Accounting Standards Board (IASB). FASB and IASB expect to release a revised draft for additional comment next year.

Without setting release dates, the two boards also expect to publish draft documents covering common standards on such topics as the definition of assets and liabilities and how specifically they are to be accounted for in financial statements.

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