The House Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises began hearings on Wednesday on "Fostering Accuracy and Transparency in Financial Reporting." Opening statements and statements prepared for the record are located here.
Among the issues being discussed are the possibility that earnings guidance will be eliminated and the use of technology to provide real-time financial disclosures. Also being discussed are the use of fair value accounting and the possible adoption of a principles-based rather than rules-based accounting system.
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