• BDO blamed complexity partly on the fast pace of change that has been put on companies and their accounting firms in recent years following the implementation of new standards. To create "stability" between changes, BDO suggested that implementation dates of standards be "bunched" into one day, every three years. For example, all new rules issued from 2008 through 2010 would be effective for fiscal years beginning after December 15, 2011.
• In another suggestion, BDO asked the CIFR to consider whether changing the makeup of FASB could result in simplification down the road. "A mix of full-time and part-time board members and staff might contribute a better appreciation of the burdens of complexity and, as a result, lead to less complex standards," the firm wrote. As it is, the board's members do not have to apply the standards they create and may tend to think more in theories than practicalities, according to BDO.
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Roland Cycan
Nov 5, 2007 2:11 PM ET
Who is the judge?
It boils down to who has the final say and who pays. Right now judges have the final say. When there's a dispute it … more
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