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ARTICLE · 11 AUGUST 2008

Corporate & Financial Weekly Digest - August 11, 2008

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In July 2007, the Securities and Exchange Commission created an Advisory Committee on Improvements to Financial Reporting (CIFR) to examine the U.S. financial reporting system and make recommendations to reduce unnecessary complexity and make financial reports more useful and understandable to investors.

United StatesFinance and Banking
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SEC/Corporate

By: Robert L. Khol, Mark A. Conley and Kamilah K. Smith

SEC Issues Final Report on Improvements to Investor Financial Reporting

In July 2007, the Securities and Exchange Commission created an Advisory Committee on Improvements to Financial Reporting (CIFR) to examine the U.S. financial reporting system and make recommendations to reduce unnecessary complexity and make financial reports more useful and understandable to investors.

On August 1, CIFR presented its Report to SEC Chairman Christopher Cox. The Report contains twenty-five recommendations, providing practical proposals to improve financial reporting in the following five areas:

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