SEC mulls financial reporting changes.

The SEC's Advisory Committee on Improvements to Financial Reporting is soliciting public comments on a discussion paper that outlines various proposed changes for financial reporting.

The committee was established in July with the goal of providing recommendations for how to reduce complexity in the U.S. financial reporting system. To that end, the committee is looking into issues such as the use of principles vs. rules-based standards; processes for providing timely guidance on implementation issues; and whether or not the current financial reporting standards result in useful information for investors, among others.

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Download a copy of the discussion paper and comment submission instructions at www.sec.gov/rules/other/2007/33-8836.pdf.