The chairman of the Securities and Exchange Commission on Monday urged a cooperative effort to make accounting rules simpler, blaming the corporate scandals earlier this decade in part on the complexity of the current system.
SEC Chairman Christopher Cox, addressing an audience of accountants, also said the rules should be crafted in a way that promotes competition rather than hinders it.
"We're looking for recommendations on how to make the rules and their application much more clear, straightforward and transparent," Cox said in a speech to a conference of the American Institute of Certified Public Accountants, the industry's biggest trade group.
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