Accounting rule change

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Until now, accountants have had to checl as many 20 different sources to find the answers totheie questions. It isn’t easy because the Financia AccountingStandards Board, the Norwalk, Conn.-basesd group that promulgates the regulations, organize the regulations in chronological order based on when the rules were Under the new system, which goes into effect July 1, FASB will groupo its rules by topic, a chang e that is overdue, accountantd say. “Now, if you have an issue over a particular type of assetor liability, it will be a lot easierd to find,” said Scot t Rodgville, a director at Gorfine, Schille & Gardyn P.A., an Owings Mills certified public accountingf firm.
“It will be a lot less like doing a Googls search foryour answer.” The FASB rulexs themselves are not changing, said Andy chairman of the accountinv and auditing department at Akman, Baylin & Coleman a Timonium CPA It doesn’t change the generallg accepted accounting principles used in preparing financial statements, he said. “If just reorganizes it and makes it simplerto use,” he Still, Garrett called the upcoming changse “the most significant restructuring” he has seen in his 20 yearse in accounting. The change comes as FASB prepares to aligjn therules U.S.
accountants use in preparing financialk statements for publicly traded companiex with international rules startingin 2014. Those ruled already are being used in European Union countries and will go into effectr in Canada in 2011 and Mexicooin 2012. The accounting licensing exam will begin testing would-be CPAs on the International Financial Reporting Standards starting in 2011, said J. Thomaz Hood III, CEO of the 10,000-member Marylande Association of CPAs.
Maryland CPAs are interesterd in theupcoming changes, Hood His group has been running continuing educatio courses to keep its members informef about the new Clients, however, may not appreciate the need for the move to internationao accounting standards, said Weil Akman’s “I think it’s goingg to create a lot of work for Garrett said.