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Why Simplification Isn’t Simple

Scott Taub | May 27, 2015

Ten years ago, while I was acting chief accountant at the Securities and Exchange Commission, one of our biggest concerns was how to reduce the complexity in financial reporting. While other issues have come and gone in the time since, the idea that U.S. Generally Accepted Accounting Principles should be simpler has continued to resonate with companies, auditors, regulators, standard setters, and even financial statement users.

A decade ago, we thought that complexity could be addressed best in the development of new standards, by ensuring that standards were principles-based and that we didn...

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