The Securities and Exchange Commission issued a staff report Friday to Congress on its disclosure rules for U.S. public companies, as part of the SEC’s efforts to modernize the disclosure requirements and reduce compliance costs for emerging growth companies.

As part of the effort, the SEC’s Office of the Chief Accountant will coordinate with the Financial Accounting Standards Board to identify ways to improve the effectiveness of disclosures in corporate financial statements and to minimize duplication with other existing disclosure requirements.

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