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June 17, 2012

Baker Tilly global chair warns of disclosure overload

Increased disclosure requirements and complexity of financial statements have started to hinder the purpose of financial reporting, according to Baker Tilly International chairman Jim Castellano.

At the network’s annual North America conference, Castellano said the number of disclosures has ballooned in recent years with companies and governments required to provide more financial information.

“This additional complexity is hindering the very purpose of financial reporting – to provide shareholders, creditors and other users with useful information. The profession needs to stand back and make financial reports simpler and easier to understand,” he said.

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