This according to Compliance Week:
“Investors pretty much said to a person they're not turning down disclosure,” says Kenneth Daly, president and CEO of the National Association of Corporate Directors, which recently convened an investor summit to hear from major investor groups. “At the same time, they made it abundantly clear, there are lots and lots of technicalities described in the disclosures,” especially with respect to complex disclosures in consolidated financial statements. “Many believe it to be excessive,” he says.
In reaction, CW's Matt Kelly noted that was a cool story, bro and also that he wants to be an astronaut.
Let's be real, disclosures are disclosures for a reason. If a company wanted them to be truly useful, they wouldn't be disclosures now would they?
As we know, the SEC is already "working" with FASB on disclosure reform, which I'm sure will lead to major improvements that will satisfy both public companies and investors because that's what the SEC does:
“Updating our rules is only one step – albeit an important one – in improving company disclosures,” said Keith F. Higgins, Director of the SEC’s Division of Corporation Finance. “For their part, companies should examine how they can improve the quality and effectiveness of their disclosures and how our rules can be improved to facilitate clear and effective communications to investors. Better disclosure benefits everyone in the marketplace, and we plan to work with companies and investors to achieve this common goal.”
Call us when you've got that all worked out, guys. Until then, I'll be in the stable tending to my unicorn.