SEC’s ‘Complexity’ Committee – the SEC Advisory Committee on Improvements to Financial Reporting (CIFiR or the Pozen Committee for chair Robert Pozen) posted a Notice/Request for Comment seeking comment on its updated recommendations (updated from their Feb. 14 Progress Report). Here are links to the four subcommittee reports dated May 2:
Subcommittee 1: substantive complexity Subcommitee 2: standards-setting Subcommittee 3: audit process and complianceand,Subcommittee 4: delivering financial information. We previously reported one major change to CIFiR’s recommendations relates to the professional judgment framework. Today, we posted this summary of selected portions of CIFiR’s May 2 meeting, particularly commentary of panelists on the role of non-authoritative guidance.
The comment period on CIFiR’s May 2nd subcommittee reports ends 30 days after the Notice is published in the Federal Register.. UPDATE: The comment period on CIFiR’s May 2nd subcommittee reports ends June 23, per the Federal Register Notice published on May 22.
Separately, the U.S. Treasury Department’s Advisory Committee on the Auditing Profession (ACAP) posted a Notice/Request for Comment in the Federal Register last week requesting public comment on the recommendations contained in ACAP's May 5 Draft Report. Here is our summary of ACAP’s recommendations. There is a 30 day comment period on the ACAP recommendations, ending June 13.
I will be out the remainder of this week and will likely not post for a few days; in appreciation to our blog readers, here’s a link to a tune I’ve been listening to lately - The Riddle (video) (lyrics) by Five for Fighting/John Ondrasik - which you may enjoy on your weekend pursuits. If you received this blog post from 'a friend' sign up here to receive the blog real-time.
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