Assessing the CIFiR committee's run at complexity.(washington insights)(Advisory Committee on Improvements to Financial Reporting)

Financial Executive, April, 2008 by DiFabio, Christine

Once again, it's time to take a good look at Washington efforts surrounding the complexity crisis in financial reporting. In a column last October, this writer examined the highly lauded formation of the U.S. Securities and Exchange Commission's (SEC) Advisory Committee on Improvements to Financial Reporting (CIFiR).

At that time, the committee was just "getting its feet wet" and developing approaches with the goal of recommending a solution--actually, several solutions. And now, a short few months later, the committee has issued its first set of recommendations, which were exposed by the SEC for public comment (the comment period ended March 31).

The committee must be commended for its mammoth efforts and preliminary achievements in releasing these...

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