In my opinion, "Complexity" is a pejorative term as used in the title of this report. If financial statements are to be meaningful to all readers, then it will be necessary for these pieces of work to be sophisticated. 

Whilst there will be many readers of the accounts, the Board, shareholders, employees, analysts to name a few, I believe that these separate reader classes will approach any corporate report in the same way that a reader will approach a newspaper.  Not everyone will read the notes re deferred taxation in the same way that not everyone will read the sports section.

Where regulators have defined reporting requirements, it is up to the Board and the Finance Director to meet these requirements.

Excellent article on areas of consideration for consideration in reporting standards which looks at what is required for clarity and why it is relevant.