"The boards propose that the objective of general purpose financial reporting is to provide financial information about the reporting entity that is useful to present and potential equity investors, lenders, and other creditors in making decisions in their capacity as capital providers.

The objective of financial reporting is the foundation of the conceptual framework. Other aspects of the framework - qualitative characteristics, elements of financial statements, recognition and measurement - will build on that foundation with the aim of ensuring that financial reporting achieves its objective."

This is the stated purpose of financial reporting under IFRS. Presumably there is a similar statement of purpose under US GAAP. So in the absence of framing your comments against the purpose of financial reporting, might it be fair to say that more work needs to be done here? There is no stated purpose of accuracy. Accuracy is tempered by materiality. Those who expect accuracy do not have a clear understanding of the stated purpose of financial reporting under GAAP (US or IFRS).