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U.S. comment letter on complexity

Published on: Jan 07, 2014

An excerpt from the comment letter is shown below:

While we encourage the Board to continue to focus on the larger Topics, we recognize that these efforts will likely be time-consuming, and therefore the benefits may be delayed. Sometimes, greater progress on a journey towards improvement can be made in smaller steps. For example, we believe the Board could make significant inroads to reduce unnecessary complexity by addressing a number of smaller issues within the Codification that affect many types of entities. Therefore, we recommend that the Board add to its agenda a standing technical amendment project in which it seeks input on and addresses several narrow, isolated issues of unnecessary complexity that can be improved relatively quickly. In the appendix to this letter we have suggested a number of topics that we believe would fit this scope and are not already part of the FASB’s agenda. The topics in the appendix [of the comment letter] are some of the complex issues we frequently encounter and do not comprise a comprehensive list.

Full text of the comment letter is available below.


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