Securities and Exchange Commission Chairman Christopher Cox announced Wednesday that the SEC will sponsor a yearlong project designed to make U.S. corporate accounting less confusing for investors and less costly for companies.
A committee headed by MFS Investment Management Chairman Robert Pozen will begin meeting this summer and produce recommendations to the SEC by August 2008, Mr. Cox said at a press conference.
Mr. Cox said the SEC-sponsored group will focus on reducing complexity in U.S. financial reporting, while an effort promoted by Treasury Secretary Henry Paulson will examine the business of U.S. accounting, now dominated by the ..
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