The Securities and Exchange Commission's Advisory Committee on Improvements to Financial Reporting voted Thursday to approve the recommendations in its final report, which the SEC will present publicly on Friday.

The SEC chartered the committee last July with the purpose of examining the U.S. financial reporting system to make recommendations to increase the usefulness of financial information to investors and reduce the complexity of the financial reporting system. The 17-member committee has released several draft reports with recommendations, including the use of interactive data tags in financial statements and increased investor representation on the Financial Accounting Standards Board and the Financial Accounting Foundation.

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