The Securities and Exchange Commission’s Advisory Committee on Improvements to Financial Reporting has released a draft of its final report.The draft report updates a progress report released in February. Among the committee’s proposals are putting executive summaries at the beginning of annual and quarterly financial reports. The committee also wants to increase investor representation on the Financial Accounting Standards Board and the Financial Accounting Foundation. The committee proposes creating a Financial Reporting Forum to coordinate the efforts of FASB with the SEC, the Public Company Accounting Oversight Board, investors, auditors and other parties.
It also proposes redesigning accounting standards to make them more understandable, and it backs FASB’s efforts to split the income statement into two or more sections.
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