The implementation of a new batch of complicated accounting standards designed to more precisely determine a “fair value” for financial assets promises to ultimately make financial statements more informative.
The new standards also are expected to bring U.S. accounting principles more in line with their international counterparts.
But putting the standards to work has been complicated by the new abundance of difficult-to-value financial assets and liabilities that can make their way onto a balance sheet these days.
The standards are put forth by the Financial Accounting Standards Board (FASB). The Norwalk, Conn.-based organization establishes the standards of private-sector financial accounting and reporting that comprise what are known as “generally accepted accounting principles” (GAAP).
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