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PricewaterhouseCoopers LLP (PwC US)

Discussion: FASB aims for simpler GAAP - Changing the status quo is easier said than done

Burgess COMMENTARY

Peter Burgess

Group: PricewaterhouseCoopers LLP (PwC US) 58,188 members Member Discussion: FASB aims for simpler GAAP - Changing the status quo is easier said than done Ché Blackwood Senior Associate for CFODirect.com at PwC FASB’s simplification initiative may eliminate exceptions or other unnecessary complexities in GAAP, but it also poses challenges. Get PwC’s take in our newest publication: http://pwc.to/1HRTfoj Like Comment (2) Unfollow Reply Privately1 day ago Comments 2 comments

Denise Malecki Denise Denise Malecki Partner at PwC FASB reminds me of the IRS. Years and years of rules on top of rules is hard to undo. Like Reply privately Flag as inappropriate 1 hour ago

Peter Burgess Peter Burgess Founder/CEO at TrueValueMetrics developing Multi Dimension Impact Accounting I learned my accounting at Cooper Brothers in London in the early 1960s. When I came to the USA in the late 60s I was horrified at the state of the accountancy profession in the United States, in large part because the fundamental principles of accountancy seemed to have become submerged beneath a rules based system of which FASB was a central part. Statutory law, rules and regulations are rarely adopted because they are what is good for society, but almost always because they will be of benefit to some special interest group. Changing rules that mean taking away something from a powerful interest is not easy. Bottom line, reworking FASB will not mean much unless there is a basic rethink about what accountancy is all about. The emergence of SASB suggests that I am not the only one thinking in this direction. My own work aims to use the wonderful basic concepts of double entry accountancy in a multi dimension multi perspective impact analysis framework suited to the complex socio-enviro-economic system we have in this 21st century. People now talk comfortably about an internet of everything. I want to see key performance data about everything that is coherent, relevant and easy to use. At best, simplifying FASB is only playing at the margin and more likely simplification means another layer of rule making. Peter Burgess TrueValueMetrics.org Delete 1 day ago Hussain Mohammed 7000+ likes this