SEC FORMS USER-FRIENDLY REPORTING GROUPWASHINGTON, D.C. - Securities and Exchange Commission Chairman Christopher Cox has established an advisory committee to help make financial reporting more "user-friendly."
The SEC Advisory Committee on Improvements to Financial Reporting will examine the U.S. financial reporting system in an effort to reduce complexity, make financial reports clearer to investors, reduce costs for preparers and determine how to better capitalize on the use of technology.
"The time is ripe to review how that system can be made less complex and more useful to investors," Cox said.
Robert C. Pozen, chairman of MFS Investment Management in Boston and former vice chairman of Fidelity Investments, was appointed the committee chair. Cox said that he expects between 13 and 17 additional members with varied backgrounds to be named to the committee this summer.
Some of the areas the committee will focus on include:
* The current approach to setting financial accounting and reporting standards;
* The current process of regulating compliance by registrants and financial professionals with accounting and reporting standards; and,
* The current systems for delivering financial information to investors and accessing that information.
TEXAS GOVERNOR SIGNS MOBILITY BILL
AUSTIN, TEXAS - Texas Governor Rick Perry has signed H.B. 2144, which eases restrictions on interstate CPA practices.
The legislation allows CPAs with qualifications that are substantially equivalent to those in Texas to practice in the state without notice or license for all other services. However, out-of-state CPA firms will still be required to have a Texas license to perform audits on Texas companies.
The bill, which carried the support of the 27,000-member Texas Society of CPAs, passed the Texas Legislature in May.
With the signing, Texas becomes the seventh state to allow interstate mobility, joining Ohio, Indiana, Wisconsin, Missouri, Virginia and Tennessee.
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