It was just this July that I authored a column praising Securities and Exchange Commission Chairman Christopher Cox for successfully navigating through a number of potentially sensitive issues during his first year on the job.Among one of the examples I cited was Cox’s handling of a number of investigations involving the practice of stock-options granting to executives. Now, just four months after implementing tough new rules on how companies have to disclose executive compensation, the SEC issued a quiet statement on Dec. 22 saying that it would take another look at those rules.

The International Federation of Accountants is proposing the first major revisions to its code of ethics for accountants since late 2001.

The President's Identity Theft Task Force announced that it is seeking public comment on various recommendations to improve the effectiveness and efficiency of the federal government's efforts to reduce identity theft.

The American Institute of CPAs has asked the Internal Revenue Service to clarify the deductibility of health insurance premiums covering S corporation shareholders.

Beleaguered health insurer UnitedHealth Group Inc. announced that a Securities and Exchange Commission probe of the stock-options practices has been formalized.

Philadelphia, the city in which our Founding Fathers created the words to govern our country, this month housed the fathers of another language -- one they hope businesses in every nation will adopt to turn financial reporting from a tower of babble into a world of ubiquitous fluency. Backers of the Extensible Business Reporting Language expressed excitement over their progress in enticing companies to conduct internal reporting and regulatory filings in this format. Roughly 500 people from 27 countries attended the 14th international conference, which indicates increased interest from last fall’s showing of 300, but not necessarily increased understanding. At least conference organizers foresaw the dilemma and astutely prepared novices, even promising “compelling” demos free of technical jargon to prove that XBRL applications can make life easier for accountants, auditors, and investors looking to do everything from internal budgeting on Excel spreadsheets to quantitative analysis for investment management.

After four months, the Securities and Exchange Commission has already revisited its rule on disclosing executive compensation.In a statement issued Dec. 22, SEC Chairman Christopher Cox said that the new requirements will make it easier for companies to prepare statements and for investors to understand the cost of stock options.