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Financial reporting complexity: FEI's four-point plan.

In March, FEI released recommendations to address complexity in financial reporting. It stated that "Complexity in financial reporting harms the competitiveness of the U.S. capital markets," and suggests the following:

1. The FASB and SEC, in coordination with key financial reporting stakeholders (preparers, auditors and financial statement users), should take steps to end the proliferation of detailed rules;

2. Congress should consider meaningful class-action reform;

3. The SEC and PCAOB should develop a framework that provides effective regulation in a principles-based environment, one that balances the objective of investor protection with the need to maintain market competitiveness; and

4. Stakeholders should come together to form an independent "Committee on Complexity."

The full text and more is available on FEI's website at www.fei.org; then click on "Financial Reporting homepage."
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Title Annotation:financial reporting
Author:Heffes, Ellen M.
Publication:Financial Executive
Date:Jun 1, 2007
Words:131
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