Complexity is bad. That seems to be the tenet of the proponents of reducing it. I tend to disagree, however. In line with Einstein's razor, there is a place for complexity in financial reporting where it faithfully represents economic reality. Complex economic reality necessitates an adequate level of complexity in its description, lest it over-simplifies. Where, however, complexity is merely a consequence of accounting artefacts, it may safely be dispensed with.
Fair value vilified. It is interesting to observe how some people try to make a case against fair value from the current financial market crisis, even though it is quite obvious that this is a clear case of trying to kill the messenger. This position is particularly difficult to understand coming from people with a background in engineering or science. There, it's evident that two variables can only be combined if they have the same unit of measurement: you cannot add metres and kilograms. In accounting, though, that seems to work just fine - it's currency units, after all. Or is it? Notionally, it certainly is, but I'd challenge anyone out there that a $'s worth of an asset measured at cost is very different from the same $ measured at, say, fair value. In short, the unity of measurement is an illusion under the mixed attribute model.