While he didn't call for any new regulations, or outright suggest the overturning of any existing rules, in a speech this week Treasury Secretary Henry Paulson urged federal regulators to take a more hands-off approach when it comes to dealing with the markets.Speaking on the competitiveness of the capital markets at the Economic Club of New York, Paulson told the audience that U.S. accounting and securities regulators should consider adopting flexible accounting rules that outline principles, but don’t set strict rules.

"Rules by themselves cannot eliminate fraud," he said. "Wrongdoers will seek out loopholes or ways to circumvent the rules."

Register or login for access to this item and much more

All Accounting Today content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access