October 13, 2007
In my opinion, there are several existing pronouncements- or parts thereof- or SEC requirements- that probably no longer provide simple cost/beneficial information to users. Those pronouncements should be considered for elimination. Those topics are:
109: Deferred Income Taxes- Consider eliminating in its entirety
115: Investments- Consider eliminating the multiple portfolio approach and run all holding gain/losses through the bottom of the Operating statement (as is currently being done with NFP's)
133: Derivatives ( all related amendments, interpretations, etc.- Consider elimination this failed experiment
SEC requirement to quote specific authoritative references by number or name (i.e 109 or 115)- Consider eliminating