SEC seeks input on issues relating to smaller companies

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04 Aug 2005

The SEC Advisory Committee on Smaller Public Companies is soliciting public input on issues related to the current securities regulatory system for smaller companies, including the impact of the Sarbanes-Oxley Act of 2002 on the system.

The Advisory Committee is doing this by publishing a series of questions and asking interested parties to respond to the questions. Responses are requested by 31 August 2005. Several of the questions are similar to those recently asked by the IASB in its Staff Questionnaire on Possible Recognition and Measurement Modifications for Small and Medium-sized Entities (SMEs). For example, the SEC Advisory Committee asks:

  • Are the current accounting standards applied to all U.S. companies appropriate for smaller companies? If not, please explain what revisions to existing standards might be appropriate.
  • Should accounting standards provide smaller companies with different alternatives for measuring accounting events that would reduce the amount of time that would otherwise be spent by smaller companies to comply with those accounting standards? If these alternatives were available to smaller companies, would smaller companies take advantage of them even if the results of the measurements obtained from the alternatives were less favorable to them in the short term? Why or why not?

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