FASB Simplification Initiative

By | January 12, 2017

Over the last few years, the FASB has been touting its "simplification initiative" to make it easier for issuers to prepare the financial statements, and easier for users to understand the financial statements. But what I've noticed in almost every single one of these new accounting pronouncements and updates is that the "simplified" accounting/reporting is actually more complex than the existing approach.

What's the deal with the FASB? Are these people out of touch with what's happening in the "real world"? Or are they just bureaucrats looking for things to do? Or are they morons?

Serious question.