Advisory group proposes changes to financial reporting
The SEC Advisory Committee on Improvements to Financial Reporting last month issued 25 recommendations intended to make financial information more useful and understandable to investors.
The SEC Advisory Committee on Improvements to Financial Reporting last month issued 25 recommendations intended to make financial information more useful and understandable to investors. The group offered proposed changes in five areas: increasing the usefulness of information in SEC filings, enhancing the accounting standards-setting process, improving the substantive design of new standards, delineating authoritative interpretive guidance and clarifying guidance on financial restatements and accounting judgments. SEC staff is expected to examine the recommendations and propose regulatory action as appropriate. For a look at the report, visit sec.gov/about/offices/oca/acifr/acifr-finalreport.pdf.
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