Progress Report of Advisory Committee on Improvements to Financial Reporting, February 14, 2008 (11 pages, PDF).

“This executive overview highlights the key themes that tie together the chapters in this progress report, with a few examples to illustrate each theme. The main themes are:
1. Increasing emphasis on the investor perspective in the financial reporting system
2. Consolidating the process of setting and interpreting accounting standards
3. Promoting the design of more uniform and principles-based accounting standards
4. Creating a disciplined framework for the increased use of professional judgment
5. Taking steps to coordinate generally accepted accounting principles in the U.S. (GAAP) with international financial reporting standards (IFRS).”