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[07/11/21] The Sad State of Accounting

Baruch Lev

The Wall Street Journal reported (July 1, 2021) that the International Accounting Standards Board (IASB), the accounting body that sets the financial reporting rules of public companies in more than 140 jurisdictions ? This is not a reliable accounting system. but not in the U.S. —

Account 40
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An Exclusive Interview with FASB Chairman Richard Jones

ThomsonReuters

Jones spoke with Thomson Reuters in March 2021 about the board’s priorities and review of revenue, leases, and credit loss rules amid economic uncertainty. When that project was added to the agenda, the board at the time decided to pursue it as a disclosure project, versus an accounting and disclosure project.