SEC to streamline financial reporting

The US Securities and Exchange Commission is forming an advisory committee to study the US financial reporting system with the goals of reducing unnecessary complexity and making information more useful and understandable for investors. The SEC Advisory Committee on Improvements to Financial Reporting will study the causes of complexity and recommend how to make financial reports clearer and more beneficial to investors, reduce costs and unnecessary burdens for preparers, and better utilize advances in technology to enhance all aspects of financial reporting. The Committee is expected to issue a final report in August 2008 (view the SEC Press Release and Video Webcast).