| J. Michael Cook, the chairman of four (count 'em) corporate audit committees, including those of Comcast and Eli Lilly, complained at yesterday's 404um that he's been hearing complaints about the complexity of accounting and financial reporting for years yet is aware of no "serious" effort to address it.
Uh oh, I thought. FASB Chairman Bob Herz has been going on about this for months and just last week called for a national initiative to address it. So what might he say about Cook's remark, which was offered up in connection with a panel discussion on "next steps"?
Nothing for now, according to FASB spokesman Gerard Carney. But check back next week after we interview Bob for an upcoming magazine article. (Sorry, don't want to give away too much of what the mag is up to.)
Of course, it's possible that Cook simply missed all this. But that would suggest he hasn't been reading us closely enough.
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