Reiterating the Financial Accounting Standards Board's 2005 goal of simplification, FASB Chairman Robert Herz told attendees at the American Institute of CPAs Spring Meeting of Council that the regulatory climate has reopened such issues as differential standards and the codification of generally accepted accounting principles, thus intensifying the need to hone standards and reduce the number of accounting guidance outlets.
"There's a lot of cross-currents in the profession and water coming out of a lot of places in terms of accounting standards," Herz said during the opening session of the three-day confab. "The question is what do we do with this morass of accounting literature?"
Register or login for access to this item and much more
All Accounting Today content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access