WASHINGTON, Feb. 7, 2007 A tightening web of complexity in
the financial reporting process could increasingly ensnare accounting and
auditing practitioners in 2007, according to a new report from BNA Tax and
Accounting, published in Accounting Policy & Practice Report(TM).
    The Outlook 2007 piece was drawn from comments by leading industry and
academic professionals who serve on the advisory board for BNA's Accounting
Policy & Practice Series(TM). The advisory board members - high level
corporate accountants from Corning, Microsoft, and Eli Lilly and Co., as
well leading academics and advisors - named complexity as a key topic when
asked to name top issues for 2007.
    "The rules have become so complex and twisted in some areas that
compliance to the literal level regulators expect is not a reasonable
expectation," according to Tim Lucas, of Lucas Financial Reporting, Wilton,
Conn.
    The way out of the trap is unclear, observed Jane Poulin, chief
accounting officer with Corning Incorporated, Corning, N.Y. "Do we try to
reduce complexity in the accounting standards . . .? Do we try to live with
the complexity and skill up?"
    Individual advisory board members also identified irrelevant financial
reporting, convergence with international accounting standards, the push
into fair value reporting for financial instruments, and the Financial
Accounting Standards Board's codification project as key issues for the
coming year.
    Other topics addressed in the article include the increase in financial
restatements in recent years, the interplay between the Securities and
Exchange Commission and the Public Company Accounting Oversight Board, and
a review of how the PCAOB has done in overseeing audit firms.
    The article offers a useful overview of key accounting issues facing
corporate financial statement preparers as well as the accounting standard-
setters themselves.
    The Accounting Policy & Practice Series, from BNA Tax and Accounting,
includes:
    * Detailed analysis and explanation of accounting, audit, and financial
reporting obligations in an ever-expanding series of Portfolios. Respected
portfolio authors offer plain-English discussions, sample journal entries,
illustrative forms and sample plans, and real-life examples. Newly released
in January: "Contingent Environmental Liabilities: Disclosures and
Accounting."
    * The biweekly Accounting Policy & Practice Report, which tracks news
and developments from FASB, AICPA, SEC, PCAOB, IASB and more, and offers
expert perspectives from respected accounting authorities.
    * Special Reports on selected accounting and reporting topics offer in-
depth analysis on hot issues. Recent special reports have tackled FASB's
FIN 48, and FAS 158.
    Who are the Advisory Board Members?
    Advisory Board Chairman: Peter Knutson, associate professor emeritus,
University of Pennsylvania's Wharton School, now residing in Edmunds, Wash.
    Charles Bowsher, former Comptroller General of the United States,
Bethesda, Md.
    David Cairns, visiting professor at the London School of Economics and
Political Science, London
    Jack Ciesielski, publisher of The Analyst's Accounting Observer,
Baltimore, Md.
    Eugene Imhoff, Ernst & Young professor of accounting, University of
Michigan, Ann Arbor
    Arnold Hanish, chief accounting officer, Eli Lilly and Co.,
Indianapolis
    Henry Jaenicke, C.D. Clarkson emeritus professor of accounting, Drexel
University, now residing in Dallas
    Bob Laux, technical accounting and reporting director, Microsoft Corp.,
Redmond, Wash.
    Timothy Lucas, consultant, Lucas Financial Reporting, Wilton, Conn.
    April Mackenzie, executive director of global standards, Grant Thornton
International in New York, N.Y.
    Robert Mednick, retired managing partner of Andersen Worldwide, former
chairman of AICPA, now residing in Chicago
    John M. Morrissey, operating controller General Electric Co.,
Fairfield, Conn.
    Jane Poulin, chief accounting officer, Corning Incorporated, Corning,
N.Y.
    Katherine Schipper, Thomas F. Keller Professor of Business
Administration, Duke University
    For more information about the Accounting Policy & Practice Series,
call 800-372-1033.
    About BNA(R)
    BNA is the foremost publisher of print and electronic news, analysis,
and reference products, including the recently launched Accounting Policy &
Practice Series. It provides intensive coverage of legal and regulatory
developments for professionals in business and government. BNA is the
oldest wholly employee-owned company in the United States, and produces
more than 200 news and information services - including Daily Labor Report
and Daily Tax Report - widely respected for comprehensive and objective
reporting and analysis.

       Accounting software is man made software that tabulates and processes accounting information within functional modules such as accounts payable, accounts receivable, payroll and trial balance. It functions as an accounting information system. It may be developed in-house by the company or organization using it, may be purchased from a third party, or may be a combination of a third-party application software package with local modifications. It varies greatly in its complexity and cost.

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