SEC Should End Sector-Specific Rules: Advisers

Law360, New York (January 14, 2008, 12:00 AM EST) -- The U.S. Securities and Exchange Commission should begin basing accounting rules on companies' transactions rather than on the industry in which they operate, according to an agency advisory panel.

At a meeting on Thursday, the SEC Advisory Committee on Improvements to Financial Reporting set forth a number of recommendations for streamlining rules governing accounting and financial reporting.

The group, headed by MFS Investment Management Co. Chairman Robert Pozen, advocated for moving away from industry-specific guidance, arguing that basing regulation on sector leads to “incomparable and inconsistent...
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