As U.S. regulators consider whether it's possible to make companies' financial disclosures clearer, most companies are going ahead and making changes to their financial statements without waiting for regulators to act.

The documents that companies have to file with the Securities and Exchange Commission, such as the annual 10-K and quarterly 10-Q filings and the proxy statement, have grown longer and more convoluted as companies have responded to wave after wave of accounting regulations. The SEC is taking a look at such filings after Chairwoman Mary Jo White announced a disclosure effectiveness initiative last year. But a recent survey by the Financial Executives Research Foundation (FERF) and Ernst & Young found that 74% of the companies that responded already are taking steps to improve their financial reporting.

The survey of 120 finance, accounting, and financial reporting executives shows the most popular targets for such improvements are companies' 10-Qs and 10-Ks, both of which were cited by 75% of respondents. Just about a quarter said they have made improvements to their earnings releases or proxy statements.