Complexity Discussion Points

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Presentation transcript:

Complexity Discussion Points Is there any hope that things will get easier? Overall reaction of the: -Preparer -Auditor -Former regulator

How do auditors and preparers cope? What kind of infrastructure do you need in place to get the accounting right? GAAP comes from so many sources (Statements, EITF’s, old AcSEC SOP’s, FSP’s, SEC, etc, etc,) How many “experts” can a company have? Why are there so many restatements?

The SEC’s Role Does the SEC add to complexity by “just trying to help”? More and more guidance Concerns about whether the SEC will agree with your decision or will you be second guessed? Requiring quite a few restatements Impact of concern about litigation

What should the FASB do? -FEI recommendations to FASB -What about FAS 133 on derivatives, 46R on VIE’s, and 123R on options -Will fair value make things easier or harder? Principles vs. rules based standards? Impact of FASB/IASB convergence?

QUESTIONS HOW MANY AGREE WE HAVE A PROBLEM? WHAT SHOULD BE DONE?