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SEC will soon issue a report on principles-based standards

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17 Jul 2003

US SEC Commissioner Cynthia A.

Glassman devoted a considerable portion of a Presentation in Washington yesterday to principles-based accounting standards. She noted:

The Commission soon will be releasing its report on moving towards a more principles-based approach to setting standards for financial reporting. It is a topic that the international accounting community is dealing with as well. . . . . . . Complying with the complicated maze of rules and interpretations that comprise Generally Accepted Accounting Principles seems to have become an end unto itself, rather than a means of providing useful information to investors and other end-users. Even worse, aggressive interpretation, technical compliance and gamesmanship have in too many instances replaced full disclosure and transparency as the guiding principles for financial reporting.

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