An article in Lean Accounting News notes that a new report released by the Global Accounting Alliance, which is composed of professional associations around the world, including the American Institute of Certified Public Accountants, called for reforms that support Lean Accounting.

“Getting to the Heart of the Issue” is a 27-page report that addresses the complexity and principles of accounting practices and makes recommendations for needed reforms, particularly in light of the rapid emergence of a global economy and changes in business practices. The report is based on interviews with accounting “thought leaders” from different countries.

Although the report does not specifically address lean accounting, it does espouse many of the same ideals. In the executive summary, the GAA states the purpose for preparing the report: “. . . to ascertain views from a broad cross-section of stakeholders in the international arena to barriers to the practical application of a more principles-based accounting regime and how the current complexity and detail in listed company financial statements could be reduced, so as to focus on better communication with financial statement users.”

Download the report from the GAA website here.