A Securities and Exchange Commission advisory committee began meeting to consider ways to make financial reporting more understandable and relevant to investors.

SEC Chairman Christopher Cox believes that financial reporting has become overly complex, and he wants to see an overhaul to make the statements less confusing for investors. The 17-member advisory committee is considering a number of proposals to improve financial information to avoid the number of restatements that have occurred in recent years. In part the aim is to improve the way accounting rules are interpreted and applied.

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