To recognize the one-year anniversary of the August 1, 2008 report issued by the SEC’s Advisory Committee on Improvements to Financial Reporting (CIFiR), the Financial Accounting Foundation (FAF) and the Financial Accounting Standards Board (FASB) have just published their response and recommendations.
“Over the past year, the SEC, the FASB, and others have been understandably devoting significant time and attention to addressing the issues brought to light by the current economic crisis,” the Executive Summary begins. “While accounting did not cause the crisis and accounting will not end it, it did reveal a number of areas requiring improvement,” including the need for enhanced communication throughout the financial system and for improved infrastructure and transparency around markets for complex structured securities and certain derivatives. To read the complete recommendations and response, click here
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