Our previous two columns addressed the Securities and Exchange Commission's recently appointed Committee on Improvements to Financial Reporting, which has been charged with suggesting things that can be done to strengthen the system.Specifically, we have looked at some of the premises and other points in a discussion paper produced by the chair, Robert Pozen (available online at www.sec.gov), finding a few flaws here and there.

In this column, we follow up by looking at five more points in the discussion paper that deserve broader exposure and that will demand additional attention from the committee beyond what's in the paper.

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