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Sarbanes-Oxley News & Developments
Cox, FASB Differ on TransparencyThe draft of the FASB new "conceptual framework" that would form the basis for public company accounting spells out a different theory of transparency than one described by SEC Chairman Christopher Cox.
> > A new document outlining where the FASB and the International Accounting Standards Board plan to take accounting parts ways with at least one priority of SEC Chairman Christopher Cox. The document, posted on the website of the FASB last Thursday, outlines "preliminary views" of the two boards conceptual framework for financial reporting and sets out what the boards call the "objective of financial reporting and qualitative characteristics of decision-useful financial reporting information." While it represents only an initial step in their standard-setting process before they issue a proposal for the conceptual framework known as an exposure draft, the document establishes a clear path to that goal and as such reflects the boards thinking at this point in the process.
Source: CFO
Published:2006-07-11
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