CIFiR: So far, not so good.

The authors comment on the discussion paper released by Robert Pozen, chairman of the Committee on Improvements to Financial Reporting, an advisory committee established by the U.S. Securities and Exchange Commission. The authors relate the tendency of Pozen to think more like a financial statement preparer than a user. The authors describes the belief of Pozen that useful financial reports can only be achieved through compliance with generally accepted accounting principles.