Securities and Exchange Commission Chairman Christopher Cox delivered an easier-said-than-done speech earlier this month on the need to simplify accounting rules.

Speaking before the annual American Institute of CPAs National Conference on Current SEC and PCAOB Developments, Cox's remarks received a great deal of ink. But in a situation like this, change is obviously something that can't come overnight -- just ask the members of President Bush's Advisory Panel on Tax Reform, who, after a year of work, has seen its recommendations largely dismissed as a political impossibility.

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