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The evolution of us gaap - Essay Example

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(Assignment) The Evolution of US GAAP It is a difficult task in a country like the US to impose highly prescriptive standards through rigorous enforcement process by a government regulator. It is very evident from the history of the effort made to secure compliance with accounting standards…
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The evolution of us gaap

Download file to see previous pages... However, high-tech companies, with the help of Congress, effectively stopped this move. Instead, the amount of expense for options recently granted was to be mentioned in a footnote. Then, FASB started developing a standard that would force companies to expense the fair value of stock options granted to executives and other employees. However, as Zeff points out, company CEOs were quick in opposing as it would affect their personal compensation packages. When it became clear that FASB would continue with its efforts, the companies sought the help of Congress. It was discussed in the House and the Senate where majority of the members opposed, evidently under pressure from companies. As FASB further proceeded in issuing a standard, the Senate passed a resolution stopping FASB from acting further in that regard. More issues were to come. FASB issued the directive on reporting the comprehensive income either through a separate statement of comprehensive income or an additional section in the income statement. The companies wanted to disclose it in the Statement of Changes in Shareholders’ Equity. However, FEI pressured FASB to allow presenting it in a financial statement that few readers notice. ...Download file to see next pagesRead More
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