In a sweeping macro-view of major accounting issues poised to impact the profession, Financial Accounting Standards Board chairman Robert Herz said that the profession can get to a better reporting system, but it’s going to take some changes to get there.
Herz, who has served at the helm of the standard-setter since 2002, said that one of the first issues needed to be addressed was the complexity and volume of accounting standards -- an issue that eventually evolved into the board’s ongoing codification project.
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