''We need to reduce the complexity of virtually every aspect of financial reporting and increase transparency,'' says the chief accountant of the Securities and Exchange Commission, who returns to the private sector next month.
Donald Nicolaisen, chief accountant for the Securities and Exchange Commission, is leaving public office in October to return to the private sector, but not before taking a few minutes to share some of his departing thoughts about the agency's future.
One major initiative will be "to follow up on the report we issued earlier this year on off-balance-sheet activity," he told CFO.com. "We need to reduce the complexity of virtually every aspect of financial reporting and increase transparency," added Nicolaisen, noting that such reform will need support from both the Financial Accounting Standards Board and the Public Company Accounting Oversight Board.
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