The clamor may be dying down following the latest Sarbanes-Oxley (SOX) guidance, but debate over what many see as excessively complex and costly U.S. financial reporting procedures persists in less boisterous tones. Now, Securities and Exchange Commission (SEC) Chairman Christopher Cox hopes to mute the noise even more by addressing these concerns in a 12-month project aimed at reducing some of the confusion–and costs–in U.S. accounting procedures.
"Our reporting system has become overly complex, with the result that financial statements are difficult for investors to understand and expensive for companies to comply with," Cox said in announcing the endeavor and naming 17 industry experts to the newly formed Advisory Committee on Improvements to Financial Reporting.
Cox said that by August of next year, the panel will recommend ways to create clearer accounting rules, provide unambiguous advice on applying those rules and develop efficient methods of communicating financial results to investors. Members will also address how technology can help redesign reporting through XBRL and hyperlinks.
Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.
Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices, case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
- Exclusive discounts on ALM and Treasury & Risk events.
- Access to other award-winning ALM websites including PropertyCasualty360.com and Law.com.
*May exclude premium content
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
