Changing the Accounting Law and Regulations

A detailed Summary of Changing the Accounting Law and Regulations


General Motors may be in trouble, according to a Wall Street Journal article by Michael Rapoport. Proposed changes to accounting law and regulations might force corporations to report liabilities incurred from pension plans. Current regulations permit organizations to report pension plans as net assets, by stating the difference between pension contributions and pension payouts. However, as Rapoport notes, the current approach fails to accurate


ly account for the total value of the pension plan and therefore might inflate the value of the corporation and its shareholder equity.

The Financial Accounting Standards Board (FASB) sets the federal rules that would dictate the new changes. Although the proposed accounting regulation changes have yet to be implemented, the FASB is already requiring organizations to list the funding status of pension plans on their annual balance sheets: the

Some common words found in the essay are:
Board FASB, Rapoport Proposed, Rapoport GM, Books Shareholder, shareholder equity, , pension plans, pension plan, Street Journal, difference pension, financial statements,

Approximate Word count = 299
Approximate Pages = 1 (250 words per page double spaced)

Category: Miscellaneous

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