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23 Jul 2008
The Financial Accounting Standards Board has issued a warning that off balance sheet accounting could be overhauled.
The US standard setter said that current accounting rules have been abused and that there are calls to bring them back on balance sheet The Guardian reported.
Robert Herz, FASB chairman said: 'My own view is that the current accounting has been stretched and abused.'
'It has been treated as a punch bowl and we have got to take away that punch bowl' he added.
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Briefings
By looking at the reasons supplier statements became unfashionable, and the reasons why it is different today, this paper delves into the many benefits that can be obtained by automating the process.
Having a real and true view of your organisation’s current financial position, and having the right systems and processes in place, will ensure that you can make strong choices and are ready to capitalise on opportunities
AccountancyAgeInsight is a frequently updated resource centre for finance professionals, offering a free and easy-to-use digital library of briefings, white papers and other information resources. 
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