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