U.S. accounting-rule makers Thursday approved a project to begin overhauling the standards for pension plans and other employee-retirement benefits.
For the time being, however, the Financial Accounting Standards Board won't do away with any of the widely criticized "smoothing" mechanisms that allow companies to obscure the values of their financial obligations and mask volatility in their earnings.
In a unanimous vote, the FASB approved a recommendation by its staff to split the project into two parts, including an initial set of revisions by the end of 2006.
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