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SEC Chairman Pitt comments on accounting standard setting reforms

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25 May 2002

Speaking before the Investment Company Institute on 24 May, SEC Chairman Harvey L.

Pitt said [ (PDF 76k)]:

In addition, accounting standard setting itself must be improved. For over 60 years we have looked to the private sector to assume the initiative in establishing accounting principles. We continue to support private sector standard setting but, the SEC has, in the past, abdicated far too much of its obligation to ensure that accounting standards meet the objectives of the federal securities laws. We will take a more active role to ensure that standards are implemented that benefit markets and investors. Going forward, we plan to

  • broaden funding sources and make funding involuntary;
  • meaningfully participate in setting the agenda of the Financial Accounting Standards Board;
  • exercise our authority to review adopted standards; and
  • ensure that FASB promulgates principle-based standards, which adapt faster to changing business environments and emphasize overall accuracy and completeness.

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