APPENDIX M
Final Report of the Advisory Committee on Improvements to Financial Reporting to the United States Securities and Exchange Commission1
IN THIS FINAL REPORT, the Committee makes recommendations on 1. Substantive Complexity; 2. Standard Setting Process; 3. Audit Process; and 4. Delivering Financial Information. This appendix excerpts summaries of these sections.
1. Substantive Complexity
Recommendation 1.1
Avoidable complexity caused by the mixed attribute model should be reduced in the following respects:
• Measurement framework—The SEC should recommend that the
FASB be judicious in issuing new standards and interpretations that expand the use of fair value in areas where it is not already required until:
• The FASB completes a measurement ...
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