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Harmonization and Financial Reporting
Pages 10 (2510 words)
Worried about ever-expanding financial reporting requirements Well, you can relax-a little. The long ball hit by the American Institute f Certified Public Accountants (AICPA) in late 1994 in the form f its far-reaching proposal for a new financial reporting model appears to be dropping inside the fence…
That seemed far from a sure thing last spring, w. hen the Financial Accounting Standards Board (FASB) solicited comments on the AICPA's new "comprehensive "model f business reporting" and so endowed it with a faint whiff f reality. The timing seemed right. At the Securities and Exchange Commission (SEC), commissioner Steven M.H. Wallman was already lending tacit support to the concept by publishing articles and hosting conferences on his own ideas for an expanded system that would include improved disclosure f intangible assets. Meanwhile, SEC chairman Arthur Levitt had just successfully lobbied the Financial Accounting Foundation (FAF) to give one f the seats held by the Financial Executives Institute (FEI) to a public-sector trustee. The FAF oversees FASB, f course, and what small voice preparers had in directing the views f FASB was further diminished. Finally, many preparers had concluded that FASB, as demonstrated by the onslaught f new standards it had issued in recent years, was hardly worried about complaints that financial executives were overburdened.
And yet, like a baseball team that has just captured a wild-card ticket to the playoffs, the preparer community appears to have enjoyed a turn f luck. ...
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