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SEC Chairman suggests major changes for FASB

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15 Mar 2002

Speaking at the 30th SEC Speaks conference in Washington on 22 February 2002, SEC Chairman Harvey Pitt forecast important changes regarding the US Financial Accounting Standards Board, among other important changes relating to the accounting profession: Full Text (PDF 28k) That is why we are advocating fundamental and far-reaching changes in the Financial Accounting Standards Board.

We seek to move toward a principles-based set of accounting standards. The SEC must play an active and aggressive oversight role vis-à-vis FASB. This means the SEC must have greater influence over FASB's agenda, and should be able to require FASB to address critical subjects and promulgate standards in a short time frame, rather than the years it currently takes for principles to be announced. It also means adding disclosure to explain the impact on financial reports of key accounting principles and decisions.

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