The board took a defensive tone, noting that "the SEC, the FASB, and others have been understandably devoting significant time and attention to addressing the issues brought to light by the current economic crisis."

As for the CIFR's suggestion to address the reasonableness of judgment calls, the regulators are mum. The CIFR had wanted input from both the SEC and the Public Company Accounting Oversight Board; however, while the issue is on the board's radar screen, it's waiting for guidance from the SEC on how to proceed, says PCAOB communications director Mary Sjoquist.

Pozen says the two agencies should coordinate their efforts, and suggests that "if the SEC is so overwhelmed with other things, it may be the case that the PCAOB should take the lead."

In her letter to Pozen, Schapiro said the SEC will "hopefully" take up more of the CIFR's recommendations later this year. "As the regulatory agenda continues to unfold, I am confident that we will consider further specific action related to the many thoughtful recommendations that CIFR developed," she wrote.

In the meantime, Pozen believes financial reporting will get easier over time, and actually has somewhat over the past year. But because improvements will be so gradual, preparers may not even take notice. "A CFO is not going to wake up one day and say, 'Today is the day when things change,'" he says.

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