Financial Accounting Blog

Thursday, February 05, 2004 is reporting that FASB is considering a stricter definition of "current liability", to bring the US more in-line with international standards.
The proposal, expected to be released within a few months, would require companies to use the balance-sheet date — not the date they issue their financial statements — as the only cutoff date for determining whether a liability is current or long-term....

FASB and IASB have been working together since October 2002 to bring the U.S. and international standards in line with each other, with the idea that investors could more easily compare companies in different countries.