Present values: A proposed concepts statement

✍ Scribed by Victor H. Brown

• Book ID: 102874626
• Publisher: John Wiley and Sons
• Year: 1998
• Tongue: English
• Weight: 862 KB
• Volume: 9
• Category: Article
• ISSN: 1044-8136
• DOI: 10.1002/jcaf.3970090207

✦ Synopsis

He is a former member of the Financial Accounting Standards Board (FMB), and has also served as Executive Vice President, Chief Financial Oficer, and Director of the Firestone Tire and Rubber Company. Dr. Brown has also been a member of both the Finuncial Accounting Standards Advisory Council (FASAC) and the SEC Advisory Committee on Corporate Disclosures.

Financial accounting standards have dealt with the concept of present value for at least three decades. Yet, present value has been applied in an ad hoc, inconsistent way in financial accounting.

Recently, the FASB issued a proposed statement to reconcile these problems. The author analyzes the statement and discusses its implications for CFOs.