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    FASB set to change off balance sheet accounting

    FASB set to change off balance sheet accounting

    FASB chairman Robert Herz warns of changes to off balance sheet accounting

    Author Date published July 23, 2008 Categories

    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.

    Further reading:

    FASB plans
    proposal on off-balance accounting soon

    US
    raises $5,000bn balance sheet fears

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