Comment Letter on FASB Principles-Based Proposal

Attached is BDO USA's comment letter on the FASB Proposal to adopt a principles-based approach to setting accounting standards, which discusses our major concerns with the Proposal. We believe the proposed approach will reduce the comparability of financial statements and impose costs on companies that issue financial statements, accountants that audit financial statements, and investors and creditors who rely on financial statements. This letter analyzes the major points in the Proposal and answers the questions raised at the end of the Proposal. The letter also suggests alternative ways of making accounting standards simpler and easier to implement.

Below is a link that will take you to our comment letter on the Proposal.

We would, in turn, be most interested in hearing your views on the Proposal. Please contact the BDO USA, LLP partner serving you if you would like to discuss our comment letter.

Continue Reading - BDO USA's Comment Letter