Proposed 2014 taxonomy is short but doesn't address key concerns

09/2/2013 | Compliance Week

(Win McNamee/Getty Images)

A proposed 2014 taxonomy for generally accepted accounting principles has far fewer changes than in earlier proposals. The proposed taxonomy has 301 new elements, compared with more than 1,000 in the 2013 edition. However, the proposal does not address concerns about companies' misreporting of negative values.

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