SEC seeks to simplify accounting laws in wake of corporate scandals

[JURIST] In an address to the American Institute of Certified Public Accountants [official website] Monday, Securities and Exchange Commission [official website] chairman Christopher Cox [official profile] called [speech text] for "more streamlined" national accounting rules that are crafted to promote competition rather "than hinder it". Many argue that the accounting rules implementing by the commission following the 2001 Enron collapse and subsequent corporate fraud [JURIST news archive] involving numerous Fortune 500 companies and top accounting firms, are too burdensome and complex. Cox noted that the SEC is looking to the accounting industry for recommendations on how to make the rules and their application much more clear and straightforward. AP has more.



 

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