The Politics of Accounting

Hinchman, Grace
November 2000
Financial Executive;Nov/Dec2000, Vol. 16 Issue 6, p65
Academic Journal
The article comments on accounting standards for new economy businesses in the United States. High technology industries complain that traditional accounting rules do not recognize the true value of high-tech companies and should be revised. An exposure draft concerning business combinations, which was released by the Financial Accounting Standards Board (FASB), is a point of contention because high-tech companies want to retain pooling of interest and expensing of goodwill. The political strategy used by a coalition of high-tech companies to defeat the FASB exposure draft is mentioned. The FASB has also delayed any accounting changes to the purchased in-process research and development (IPR&D) costs. The opinion of FASB Chairman Ed Jenkins about IPR&D is quoted.


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