Saturday, May 12, 2007
Accounting rule makers are working on a massive rewrite of how information is presented in financial statements. The goal is to provide investors with more meaningful information that that would eliminate the focus on the "bottom line" -- the earnings per share figure. A report outlining the group's preliminary views is expected later this year; meanwhile, the Wall St. Journal posts a side-by-side comparison of a proposed and current Statement of Financial Position circulated by FASB. See WSJ, Profit as We Know It Could Be Lost With New Accounting Statements.