Last week SEC chairman Christopher Cox announced the formation of a blue-ribbon panel that will seek to simplify the accounting rules in the U.S. The new Advisory Committee on Improvements to Financial Reporting will study the “causes of complexity” and recommend how to make financial reports clearer to investors, reduce costs for preparers, and better utilize technology to enhance all aspects of financial reporting. Robert C. Pozen (MFS Investment Management, Boston) has been appointed to chair the committee, to be joined by thirteen to seventeen additional members with varied backgrounds, who will be named in the coming weeks. To find out more, click here.
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