In the wake of accounting scandals involving Enron, WorldCom, and other companies, the Financial Accounting Standards Board (FASB) is upgrading many rules to force public companies to provide more information about their finances.
Proposed New Accounting Rules Rile Franchisors, Franchisees
<i>In the wake of accounting scandals involving Enron, WorldCom, and other companies, the Financial Accounting Standards Board (FASB) is upgrading many rules to force public companies to provide more information about their finances. One of the areas it is addressing relates to how the primary company's financial obligations toward "variable interest entities" are shown on its balance sheet. These rules are aimed primarily at companies that have controlling interests in other companies and, as was the case with Enron, potentially could use those companies to hide their own financial obligations.</i>
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