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?"

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