by
John W. White
Director, Division of Corporation Finance
and
James L. Kroeker
Deputy Chief Accountant
Before the Subcommittee on Securities, Insurance, and Investment Committee on Banking, Housing, and Urban Affairs, United States Senate
Chairman Reed, Ranking Member Allard, and members of the Subcommittee:
Thank you for the opportunity to testify today on behalf of the Securities and Exchange Commission (Commission) concerning transparency in accounting and the FASB's proposed off-balance sheet accounting improvements. This testimony is presented jointly on behalf of the Office of the Chief Accountant, which advises the Commission on accounting and auditing matters, and of the Division of Corporation Finance, which is responsible for overseeing disclosures by domestic and foreign issuers of securities.
The Commission's Commitment to High Quality Accounting Standards
High quality accounting standards are the foundation of a financial reporting system that is responsive to investor needs. An open process that allows standard setters to seek and thoughtfully consider the views of market participants is critical to establishing, maintaining, and continually improving financial accounting and reporting standards. We are committed to high quality accounting standards and a transparent financial reporting system that meets the needs of investors and other market participants.
See full Testimony.
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