For the second time in less than a month, SEC Chairman Christopher Cox has argued for the simplification of accounting rules, this time in a videotaped speech presented Monday to a conference of accountants. Cox blamed the recent corporate scandals in part on the complexity of the current system. He said the SEC is encouraging "a major national effort" to reduce the rules' complexity, with the participation of the accounting oversight board, the Financial Accounting Standards Board and the industry.
December 06, 2005 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
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.
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