Project Management

Huge Changes In Store For Financial Statements

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Executive Summary

A balance sheet that doesn't balance? Financing and operating classifications that depend on your company type? A (gulp) cash-basis income statement? Well, not quite. But accounting standards-setters are online and on the road urging investors and companies to weigh in now on a proposal to radically alter financial statements. And while accrual accounting isn't going away, preparers of financial statements might be surprised to find that the above descriptions do accurately describe the look and feel that financial statements might have just two years from now.

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