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SEC Chairman Cox: Financial Reporting Has Become To Complex

SEC Chairman Christopher Cox welcomed the members of the new SEC Advisory Committee on Improvements to Financial Reporting at its first meeting on August 2.  Mr. Cox indicated:

  

The truth is, financial reporting has become overly complex. That means not only are financial statements difficult for investors to understand, but also companies incur excessive costs as a result of complying with voluminous and overly prescriptive accounting and reporting rules.

The Advisory Committee is expected to make recommendations to the SEC on how to make the US financial reporting system less complex and more investor friendly.

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Filed under: REAL WORLD

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