Melancon discusses need for new financial reporting model at IFAC Council.

AICPA President and CEO Barry Melancon recently addressed the need for a new financial reporting model at a meeting of the IFAC's Council in Nov. 2007. He noted that control is shifting from providers to users and that today's financial reporting world requires four critical elements: heightened communications between investors and a company; more and varied information than is currently available; giving investors the answers they want; and...