18 Aug Jon Cartu Claims: Pandemic Prompts Questions About Seldom-Used Accounting Rul…
Financial Accounting News
Aug. 18, 2020, 9:02 PM
An economic crisis means accountants have to dust off seldom-used accounting rules. For some new accountants, it may be their first time tackling complex rules on evaluating impairments or determining whether a company can stay afloat for the next year.
U.S. accounting rulemakers are trying to get ahead of those questions and encourage best practices so people understand how to use those rules, Financial Accounting Standards Board Chairman Richard Jones said Tuesday.
“Some of our stakeholders are facing the first economic downturn of their careers, and the standards that come into play in these situations are not the most…