An advisory committee to the Securities and Exchange Commission intends to make its decision on Feb. 11 on whether to issue an eagerly anticipated report on improvements to financial reporting.
The report provides 12 recommendations for making financial reporting better. The committee has been receiving comments on its efforts. In the latest draft of the report, the committee has dropped several items from the previous draft, including a proposal on how newly adopted standards should be met to reduce the number of financial restatements, according to BNA's Daily Tax Report, and on the timing for the adoption of Extensible Business Reporting Language.
Peter Wallison of the American Enterprise Institute had raised some objections to a phase-in for the use of XBRL and argued that it could lead to unnecessary delays.
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