The world’s largest accounting body has the current complexity in financial
reporting “cannot be allowed to continue”.
The Global Accounting Alliance, representing institutes and professional
bodies from the leading economies, said the real question was how to achieve
“No single compelling courseof action was identified which would speed the
demise of complexity.”
It added: “There was unavoidable complexity, which related to the growing
complexity of businesss and the accounting which underpinned it. And there was
avoidable complexity, the simple accretion of unnecessary detail. Accepting one
while ridding reports of the other has to the aim.”
The GAA’s report comes after a series of summits in London Beijing and New
The GAA published support for a single set of international standards and
that they should be principles based. It also said the independence of the IASB
– the body overseeing international standards – should be preserved.
These goals would be pursued, the GAA said, by lobbying “all the players in
the financial reporting debate”.
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