Footnoted.org notes the SEC's recent reprimand of Wells Fargo for vague language in a recent financial filing. Some statements were so vague that they were next to meaningless, according to the agency. Here are some examples:

"Our financial results and condition may be adversely affected by difficult and business economic conditions...Financial and credit markets may experience a disruption...Higher charge-offs and worsening credit conditions could require us to increase our allowance...Our ability to grow revenue and earnings will suffer if we are unable to sell more products to customers." 

Wells Fargo restated some of the offending language, but footnoted.org says: "Some of the changes strike us as little more than reshuffling some words. One heading, for example, was changed from ‘Risks relating to current economic and market conditions' to ‘Risks relating to economic and market conditions and regulatory activity.' That should make all the difference, no?" 

At a time like this, there previous few resources devoted to the plain English ambitions that the SEC once harbored. It has way too much on its plate. But there is a broader movement afoot, one we often discuss over on FierceComplianceIT.com, to come up with a whole new annual financial statement, one that might feature a narrative from the company's auditor. That would be a radical change.

Nothing is set in stone yet. But the clarity of financial statements cannot be ignored by issuers. The days of trying to say as little as possible with as many words as possible hopefully are numbered.  

For more:
- here's the article

Related Articles:
Study: Unreadable corporate reports create demand analysts' expertise   
Wells Fargo modestly beats expectations