Financial Reporting
Developments
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 Meeting
on 3.13.08 and 3.14.08
- Restatements
- Professional Judgment
- XBRL
- Review of Comment Letters
- Reports from Subcommittees
- Next Steps and Future Timetable
Meeting
on 2.11.08
- SEC Advisory Committee on Improvements
to Financial Reporting (CIFiR)
posted draft
(and revised draft) versions of Progress Report
- Topics covered
- Correction of financial statement errors
- Delivery of financial information
- SEC and PCAOB framework for review of
accounting-related judgments
- CIFiR proposals in development
- SEC statement Chairman Cox
The Advisory Committee on Improvements to Financial Reporting today presented to
the Commission a progress report on the Committee's work to date. This is an
important step toward making financial information more useful for investors and
reducing unnecessary complexity. I have asked the SEC's professional staff to
analyze the report and its proposals, and to provide recommendations to the
Commission for possible consideration later this year. I thank the Committee
members for their diligent work to date and look forward to additional proposals
and recommendations as the Committee continues its important work over the next
few months.
- Commentary
|
Summary
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SEC
has announced establishment of advisory committee to examine U.S.
financial reporting
- SEC Advisory Committee on Improvements
to Financial Reporting (CIFiR)
Committee
will focus on following areas 
- Current approach to setting financial accounting and reporting standards
- Current process of regulating compliance by registrants and financial
professionals with accounting and reporting standards
- Current systems for delivering financial information to investors and accessing
that information
- Other environmental factors that drive unnecessary complexity and reduce
transparency to investors
- Whether there are current accounting and reporting standards that impose costs
that outweigh the resulting benefits
- Whether this cost-benefit analysis is likely to be impacted by growing use of
international accounting standards
- How
technology (XBRL, hyperlinks and other technological advances) can help address
accounting complexity by making financial information more useful to greater
number of investors
In
related news, Treasury Secretary Henry Paulson discussed plans to review
regulatory system for financial institutions
- Treasury will review how accounting practices,
government regulations, and legal environment affect financial services industry
- Recommendations scheduled for release in early
2008
-
Washington post article 6.28.07
-
The Boston Globe article 6.28.07
Treasury
Department has established Advisory Committee on the Auditing Profession (ACAP)
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Committee Members
Committee Meetings
SEC_CODE_REF_0090001192884
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8.02.07
11.02.07
1.11.08
2.11.08
- Discussion of draft progress report
- Proposal to publish draft progress report for
public comment
- Prepared for discussion and deliberation by the
full committee at 2.11.08 meeting
- Peter J. Wallison proposed amendment to Progress
Report
- He voted against CiFIR recommendations on XBRL,
as covered by his Separate Statement (Appendix A to Progress Report)
3.13.08
and 3.14.08
- Oral testimony on CIFiR proposal related to XBRL
- Comment letters received by CIFiR, and
subcommittee updates, in preparation for next meeting
5.02.08
- Oral testimony on CIFiR developed proposals and
conceptual approaches in 2.14.08 progress report
- Comment letters received by CIFiR
- Subcommittee updateds
- Discussion of next steps
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Related Topics
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