The Commission soon will be releasing its report on moving towards a more principles-based approach to setting standards for financial reporting. It is a topic that the international accounting community is dealing with as well. . . . . . . Complying with the complicated maze of rules and interpretations that comprise Generally Accepted Accounting Principles seems to have become an end unto itself, rather than a means of providing useful information to investors and other end-users. Even worse, aggressive interpretation, technical compliance and gamesmanship have in too many instances replaced full disclosure and transparency as the guiding principles for financial reporting.