Response to the Progress Report of the SEC Advisory Committee on Improvements to Financial Reporting

The Securities and Exchange Commission chartered The Advisory Committee on Improvements to Financial Reporting (CIFiR) in July 2007 to examine the US financial reporting system and make recommendations to increase the usefulness of financial reporting to investors, while reducing complexity. Given t...

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Bibliographic Details
Published in:Accounting horizons 2008-12, Vol.22 (4), p.471-494
Main Authors: Wright, Arnold M., Botosan, Christine A., Colson, Robert H., Eining, Martha M., Hopkins, Patrick E., Plumlee, R. David, Plumlee, Marlene A., Rebele, James E., Reckers, Philip M. J., Scholz, Susan, St. Pierre, Kent, Vincent, Linda
Format: Article
Language:English
Subjects:
Accounting
Accounting policies
Accounting research bulletins
Auditing standards
Auditors
Financial reporting
International finance
Progress reports
Proposals
Regulatory agencies
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Summary:The Securities and Exchange Commission chartered The Advisory Committee on Improvements to Financial Reporting (CIFiR) in July 2007 to examine the US financial reporting system and make recommendations to increase the usefulness of financial reporting to investors, while reducing complexity. Given the importance of the issues addressed by CIFiR, American Accounting Association President Gary Previts commissioned a National CIFiR Tracking Team (the Tracking Team) to monitor the work of CIFiR and provide relevant academic research findings to CIFiR for use in its deliberations and recommendations. On Feb 14, 2008, CIFiR issued a progress report, and on Apr 30, 2008, the Tracking Team submitted its response to that report. The team main conclusions include that XBRL will facilitate the accuracy and efficiency of financial data retrieval for investors, but note that users' expectations related to assurance may run counter to CIFiR's proposal to furnish the tags without assurance.
ISSN:0888-7993
1558-7975
DOI:10.2308/acch.2008.22.4.471