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S&P--Accounting Rules and Business Needs at Odds.
Business Editors
NEW YORK--(BUSINESS WIRE)--March 13, 2003
(Standard & Poor's)--Accounting standards are growing increasingly detailed, and some critics charge that complex standards have altered accounting, reshaping a basic financial reporting tool into a factor companies often weigh when making economic decisions.
Many in the financial services industry agree, underscoring the problems of implementing a risk strategy because of the difficulties it can introduce into the financial reporting process. Fair value, hedge accounting, and consolidation represent three of the most contentious issues.
Applying concepts like fair value to financial instruments has opened up a Pandora's box for accounting regulators. FASB and the International Accounting Standards Board have wrestled with such thorny challenges for decades. But the growing complexity of financial instruments has made their measurement, presentation, and timing of recognition a priority for standard setters.
"Valuation of ...
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Source: HighBeam Research, S&P--Accounting Rules and Business Needs at Odds.