SEC Report Recommends Accounting Reforms

Law360, New York (July 16, 2008, 12:00 AM EDT) -- After a yearlong look at financial reporting systems, a special committee formed by the U.S. Securities and Exchange Commission has issued a draft of its final report, recommending a number of reforms to the Financial Accounting Standards Board.

The Pozen Committee – named for chairman Robert C. Pozen, the chairman of MFS Investment Management in Boston and the former chairman of Fidelity Investments – published a draft report on July 11 that puts forth several suggestions for streamlining the process for reporting financial reports.

The suggested...
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