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The Struggle to Simplify Accounting

by Edward W. Trott | Jan 26, 2015   ()

Complexity in accounting is sometimes necessary when the transaction or economic event is complex. Some measurements will always be complex when there is the lack of significant observable data with which to make an estimate.

But much of the current complexity in accounting standards is unnecessary. This excess complexity is usually supported by CFOs and other corporate preparers of financial statements (who would most benefit from simplification of the standards) because of a desire to avoid the effort to undergo major changes in accounting standards.

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Source: CFO
Source: CFO

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