This past Friday, the Global Accounting Alliance met in New York City to discuss whether or not financial accounting should be simplified.
A few of the statements from the roundtable were:
Paul Cherry, chairman of the International Accounting Standards Board’s Standards Advisory Council and former Canadian Accounting Standards Board chairman.:
“We have an antiquated conceptual framework and coming off the charts is a rigorous rethink of disclosure. Without (improving) these essential building blocks I don’t see any real prospect for meaningful simplification of the standards.”
Wayne Carnall, the chief accountant of the SEC’s Division of Corporate Finance, stated:
“[In the U.S.,] we look at everything very short term. Everything becomes incrementalized because we want an immediate solution. It seems we’re constantly making changes. If we could step back and look at issues on a longer-term basis, it would help.”
Read all thoughts here at the Journal of Accountancy.
Tuesday, July 21, 2009
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