CAN FINANCIAL REPORTING BE MADE SIMPLER AND MORE USEFUL?

The GAA has published its report Getting to the heart of the issue – Can financial reporting be made simpler and more useful which is based on a series of interviews conducted in 2008 with financial regulators from the UK, Canada, China, the United States of America, South Africa, France, the European Commission as well as international regulators. Interviewees also included a leading US litigation lawyer and representatives of the world’s leading accounting and auditing practices.

The research was undertaken to consider the barriers to the implementation of a more principles based accounting regime, and the increasing complexity and detail in company financial statements. The GAA is arranging a number of roundtable events where regulators and other stakeholders in financial reporting around the world can begin discussions on a number of ideas emerging from the research.

The report is available for download here