FASB Chairman Herz speaks about simplification of US GAAP
16 Jun 2005
In a (PDF 62k) at the 24th Annual SEC and Financial Reporting Institute Conference on 2 June 2005, FASB Chairman Robert H.
The fact is that we call US GAAP is comprised of over 2000 individual pronouncements issued by various bodies and organizations in a variety of forms. FASB Statements, Interpretations, Technical Bulletins, Staff Q&As;, APB Opinions and Interpretations, AcSEC Statements of Position, AICPA Audit & Accounting Guides and Technical Practice Aides, SEC Accounting Series Releases, Staff Accounting Bulletins, letters and speeches, EITF consensuses and D topics, and so on and so forth. And because the various standards, rules, and regulations can sometimes conflict, it needs to be organised into a GAAP hierarchy, you know, levels A, B, C, D. |