FASB Combats Disclosure Overload

Really.  That's what the July 8, 2009, announcement from the Financial Accounting Standards Board (FASB) said.  Robert H.Herz, FASB Chairman discussed a new project to make financial statements more effective, coordinated, and less redundant. 

"Many constituents have expressed concerns about 'disclosure overload,' "  he said.  "While clear and robust disclosures are essential to informative and transparent financial reporting -- a critical component in maintaining investor confidence in the markets -- improving the way such disclosures are integrated can help decrease complexity."  He described the new FASB project as developing a "principles-based disclosure framework."

Wait a minute:  Weren't we talking about "principles based financial institution regulation" to replace standards based regulation just before the whole financial crisis blew up??

Link to FASB statement: http://www.fasb.org/cs/ContentServer?c=FASBContent_C&pagename=FASB%2FFASBContent_C%2FNewsPage&cid=1176156338441

(ag) July 9, 2009, in Economy, Regulatory Reform