VERSE ONE

 

         

Hey    there  Bob   Pozen

Chairing  the  S E C  Committee                  

 

To    improve   financial   report-ing

                                   

And     reduce     complexity

 

Yes    that’s   you

 

Union Station has seen a lot of you

                    

I  swear  it’s  true.

 

 

VERSE TWO

 

Hey there    Bob    Pozen

 

I am worried about convergence

Should we move from GAAP to IFRS

And a principles-based system

My   oh    my,

   

Investors   don’t like surprise

Neither do I 

Chorus that comes after verse 2:

 

Oh    too   much   complexity

 

Oh    too    much  complexity

 

Oh    too    much  complexity

 

Oh    too    much  complexity .  

 

Too   much  complexity

 

VERSE THREE 

 

Hey there Bob Pozen

 

You know accounting’s getting hard

Will they believe in my judgment -

Don’t   want   an    A A E R *   

That    wouldn’t  be    good

 

We  know you’d   help us  if  you   could

 

Your word is  good

 

 

 

VERSE FOUR

 

 

Hey there   Bob  Pozen

 

We’ve got so much  GAAP today 

 

Can  you  simplify  reporting

               

To  find a  better  way

To   help  us  all

 

X- B- R- L  may  come   this    fall

 

Can we do it all?

 

 

Chorus that comes after verse 4

 

 

Oh    too    much  complexity

 

Oh    too   much   complexity

 

Oh    too   much  complexity

 

Oh    too   much   complexity .  

 

 

 

 

* An AAER is an SEC Accounting & Auditing Enforcement Release

Bridge:

 

The   I-A-S-B  seems   pretty far       

Sir  David  Tweedie  is  their   rock   star

OCBOA** may be better, some may say

Our friends would all make  fun  of  us,

And  we’ll  just  laugh  along  because,    

We know that  none of them are C-P-A’s

Bob Pozen I can promise you

 

That by the time that you get through

 

The  world will never ever be the same

So   why    be  tame? 

 

 

VERSE FIVE

 

Hey there  Bob Pozen

 

You be good  and don’t  give  up    now

 

Two more months and you’ll be done with this  

 

And   you’ll  be  making  history,

 

Like   you   do

 

You’ll know it’s  all  because of    you

 

Your committee and observers too

 

Hey there  Bob   Pozen  here’s to you

 

This one’s for   you

 

 

Chorus (final chorus)

 

Oh    too   much   complexity

 

Oh    too   much  complexity

 

Oh    too   much  complexity

 

Oh    too   much  complexity

Too   much  complexity

 

**   OCBOA = Other Comprehensive Basis Of Accounting