Accounting & Investing Info for San Antonio A & M
WOW, is this going to happen? A tip of the hat to alert student April Young who spotted this comprehensive article about redoing financial statements.
This link also includes a link to a sample of what the new statements would look like. Basicaly they take from the operating financing investing format of the cash flow statement. If you read nothing else, read this one.
Of course, after having read this article last week, the thought of FASB making changes at this point made me think of the money I had just invested in learning the soon to be outdated methods. 😦 However, I believe this capital idea is about time…as the article mentioned that it will help further globalization and help reduce colorful accounting. THis will help further investor confidence, indeed. It will help increase my confidence in investing. The fusses that some of the businesses are making about the related costs and retraining of accountants, I think, are trivial compared to the benefits that the improved system will produce.
I will still hang on to my old textbooks but will prefer the new system for fina statements. When can I sign up for the new system acct class, Dr. Elam? 😉
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I think this already has a couple of my accounting prof buddies looking at retirement. I am wondering if this would apply to everyone or just public companies. Clearly they are using a lot of cash flow statement concepts applied to other statements. Now that you mention it, I will forward this article to my friends in the publishing world and see if there is any reaction.
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Professor Elam 
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