FASB

A&A

FASB Forges Ahead on Three New Frontiers

At its January 9, 2002 meeting, following a rash of well-publicized complaints about the slowness of the accounting standard-setting process, the Financial Accounting Standards Board (FASB) decided to forge ahead on three new frontiers. It tentatively agreed to: 1. Issue for public comment a prospectus for a major project to update the concepts and principles of revenue recognition. 2.
A&A

Description of FASB Projects Discussed January 9, 2002

The following project descriptions were excerpted from materials made public at the FASB meeting on January 9, 2002. 1. Revenue recognition. The proposed project would have two principal goals: (1) enhancing the authoritative and conceptual guidance for recognizing revenues, and (2) refining the conceptual guidance for defining and recognizing liabilities. The FASB project would lead to the issuance of a new accounting standard on revenue recognition that would apply to business entities generally.

FASB Finds Terrorist Costs Not Extraordinary

Costs and expenses from the September terrorist attack on the U.S. are not to be treated as an extraordinary item, a task force from the Financial Accounting Standards Board has ruled.The decision was made in light of the prevailing economic conditions before the disaster. Task force member Dick Stock reportedly said that the downturn leading up to the atrocity, and the fact that the attack affected virtually every business, made the event "almost ordinary."
A&A

FASB to Change the Rules of Bookkeeping

It has long been a practice of consumer products companies to pay an up-front fee to retailers for the privilege of having retailers carry their products.

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