The bill, entitled "Promoting Transparency in Financial Reporting Act of 2007," requires that a representative from each of the above-noted standard-setters annually appear before the Financial Services Committee and submit testimony on their efforts to reduce the complexity of financial reporting. This is to go on for the next five years, after which, I am certain, the whole problem will be solved. The bill also requires the testimony to include information pertaining to:
- Reassessing complex and outdated accounting standards.
- Improving the understandability, consistency, and overall usability of the existing accounting and auditing literature.
- Developing principles-based accounting standards.
- Encouraging the use and acceptance of interactive data.
- Promoting disclosures in "plain English."
