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A long-planned overhaul of financial statements gets a rough reception from preparers at its initial unveiling, particularly from banks. Meanwhile, a survey says a large majority of CFOs don't even know about the proposal. It's been called the most dramatic overhaul of financial statements since the cash flow statement was introduced more than two decades ago. But when the comment period closed last week on the ideas for radically changing financial statements, the proposed design from the world's accounting standard setters had been called a few other things too: "Poorly defined," "Confusing," Cluttered, "Information overload," "Inconsistent with management's internal reporting," and, frequently, "Costly."
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