Accounting standards criticised for being 'obscured by dense language, detailed rules, and numerous exemptions'
The US regulator has called on standard setters to change their approach in the design of accounting rules after criticising standards whose objectives are sometimes 'obscured by dense language, detailed rules, and numerous exemptions.'
The comments in a report – compiled by the Securities and Exchange Commission's Advisory Committee on Improvements to Financial Reporting – detail recommendations which can be implemented by the SEC, the Financial Accounting Standards Board and the Public Company Accounting Oversight Board.
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