Professor Elam

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FASB Revision

On May 12 2007 I posted a link that suggests the FASB is considering radically revising the current content of financial statements.  I checked with both Thomson and McGraw Hill on that.  Neither is expecting that kind of change any time soon, and apparently are skeptical it will happen. I was assured however that if it does, they of course wil be on top of it, and have revised texts to reflect the changes. 

I suspect it would take another financial meltdown Worldcom or Enron style to prompt such radical change.

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One response to “FASB Revision”

  1. April Y Avatar
    April Y

    There was never a thought in my mind that if there were any changes in any form to accounting that our esteemed textbook publishers would have revised textbooks out promptly at a price that, of course, accurately reflects the need for such textbooks. Obviously most companies would not like to be that transparent in the financial workings, with everyone being able to see where and how they actually make their money, but I wonder if the change would cause the same type of uproar as expensing options did.

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