As the SEC moves forward with updating the standards, the question still to be answered is who will be the key beneficiary: the companies that prepare the statements or the investors who use them? The CFA Institute’s 2013 Financial Reporting Disclosures: Investor Perspectives on Transparency, Trust, and Volume states that investors are less concerned about the complexity and volume of required statements and more concerned about transparency. That seemed to be a riposte to then-SEC Chairman Mary Jo White’s occasional concerns about “information overload.”

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