While he conceded that the current financial reporting system needs lots of improvement, Financial Accounting Standards Board chair Robert H. Herz urged members of the profession to make changes at a measured pace.

Speaking to attendees at the American Institute of CPAs National Conference on Current SEC and PCAOB Reporting Developments last week, Herz said that while he agreed with criticisms and suggestions "that there are a lot of areas of accounting and financial reporting that do not properly reflect economics and that need to be fixed," and that the whole reporting framework needs to be modernized in terms of content, timeliness, mode of delivery and use of technology, "the question of the right pace of change" is an important consideration.

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

Don't have an account? Register for Free Unlimited Access