Academic journal article Journal of Accountancy

Final Report of the AICPA Special Committee on Financial Reporting Delayed until 1994

Academic journal article Journal of Accountancy

Final Report of the AICPA Special Committee on Financial Reporting Delayed until 1994

Article excerpt

The American Institute of CPAs special committee on financial reporting expects to issue its final report in the summer of 1994, adding 12 months to its original schedule, according to an interim status report presented to the AICPA board of directors by committee chairman Edmund L. Jenkins.

In August 1991, the AICPA board charged the committee with recommending the nature and extent of information management should make available and the extent to which auditors should report such information. The long-term aim: to improve the relevance and usefulness of external reporting.

The committee, Jenkins said, discovered earlier attempts at achieving this goal mainly had consisted of "accountants in academia and in practice inferring users' needs--accountants talking to accountants." Very little information about the kinds of financial data needed to make informed investment and credit decisions had been provided directly by users.

To remedy this, the committee has been determining information needs with users' assistance, which Jenkins termed "an exhaustive and time-consuming activity that is now well under way."

Specifically, the committee is

* Conducting research to determine users' needs for disaggregated information.

* Holding a series of meetings with equity investors and creditors to explore both groups' needs for specific information. …

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