The Securities and Exchange Commission's Advisory Committee on Improvements to Financial Reporting has released a progress report on its work to date.

The key themes include placing greater emphasis on the investor perspective in the financial reporting system, and consolidating the process of setting and interpreting accounting standards. The committee wants to promote the design of more uniform and principles-based accounting standards and create a disciplined framework for the increased use of professional judgment. The committee is also in favor of coordinating U.S. generally accepted accounting principles with International Financial Reporting Standards.

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