US SEC appoints financial reporting advisory committee

  • SEC (US Securities and Exchange Commission) (dark gray) Image

01 Aug 2007

The US Securities and Exchange Commission has announced the appointment of the members of the SEC Advisory Committee on Improvements to Financial Reporting.

The advisory committee, established last month, will hold its first meeting on 2 August 2007 at the SEC's Washington DC headquarters. Click for Press Release (PDF 51k). The committee will study the US financial reporting system with the goals of reducing unnecessary complexity and making information more useful and understandable for investors. The advisory committee will focus on the following areas:
  • the current approach to setting financial accounting and reporting standards;
  • the current process of regulating compliance by registrants and financial professionals with accounting and reporting standards;
  • the current systems for delivering financial information to investors and accessing that information;
  • other environmental factors that drive unnecessary complexity and reduce transparency to investors;
  • whether there are current accounting and reporting standards that impose costs that outweigh the resulting benefits, and
  • whether this cost-benefit analysis is likely to be impacted by the growing use of international accounting standards.
Members of the new advisory committee include J. Michael Cook, retired Chairman and Chief Executive Officer of Deloitte & Touche LLP, and James H. Quigley, Chief Executive Officer, Deloitte Touche Tohmatsu, New York, NY. Phil Laskawy, Chairman of the Trustees of the International Accounting Standards Committee Foundation, which oversees the IASB, is an observer.


Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.