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FASB Takes a Cue from the Simplicity Movement April 1, 2002 (California CPA) FASB is launching a series of administrative projects aimed at codifying and simplifying U.S. accounting literature. The project is being initiated in response to concerns raised about the quantity, complexity and difficulty retrieving U.S. accounting literature, including guidance issued by the EITF, AICPA and SEC. FASB plans to include references to all applicable U.S. accounting literature in its future standards and in FASB's Current Text, a compilation of all FASB accounting standards categorized by subject. In addition, FASB hopes to partner with others in developing an online database that will include all U.S. accounting literature. FASB also is working with the EITF, AICPA and SEC to more clearly define their roles in setting accounting standards, including streamlining certain activities and modernizing financial reporting and disclosure. In an effort to reduce the complexity of accounting literature, FASB will seek to determine if it can issue standards that are less detailed and have few, if any, exceptions or alternatives. |
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