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How to Simplify Accounting in One Year

A new federal advisory committee, headed by MFS chairman Robert Pozen, has one year to make recommendations to the SEC.

Sarah Johnson, CFO.com | US
June 27, 2007

Simplicity

Simplicity would be great. But I sense there are conflicting agendas. Herz may want simplicity in reporting but the SEC wants more transparency. And the entire body of accounting principles today add to the underlying complexity of businesses. If this is going to have to work, you need to first reduce the complexity of the underlying rules. Doing that will require and permit judgement. But when you view everything as binary - right or wrong, yes or no - you really aren't open to judgement.

Posted by Tad Deorio | July 02, 2007 03:36 pm

A few mouse clicks

Some companies are having problems getting drill down capacity to individual products internally, let alone something that would go out to external investors. I can't wait to see the report they generate within one year.

Posted by Mike Hradec | June 28, 2007 01:43 pm

Friends like these ...?

If Mr. Herz, the SEC, the PCAOB, the FASB and the IASB are the ones driving the simplification process all I can say is "With friends like these, who needs enemies?"

Posted by John Laurie | June 28, 2007 11:59 am

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