15 U.S.C. § 7218 — Accounting standards

FEDERAL · 15 U.S.C. · Chapter 98

Accounting standards

Current through Pub. L. 119-102

Title 15 — Commerce and Trade·Ch. 98 — PUBLIC COMPANY ACCOUNTING REFORM AND CORPORATE RESPONSIBILITY·Subch. I

(a)Omitted

(b)Commission authority The Commission shall promulgate such rules and regulations to carry out section 77s(b) of this title as it deems necessary or appropriate in the public interest or for the protection of investors.

(c)No effect on Commission powers Nothing in this Act, including this section and the amendment made by this section, shall be construed to impair or limit the authority of the Commission to establish accounting principles or standards for purposes of enforcement of the securities laws.

(d)Study and report on adopting principles-based accounting

(1)Study

(A)In general The Commission shall conduct a study on the adoption by the United States financial reporting system of a principles-based accounting system.

(B)Study topics The study required by subparagra

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(a) Omitted
(b) Commission authority
The Commission shall promulgate such rules and regulations to carry out section 77s(b) of this title as it deems necessary or appropriate in the public interest or for the protection of investors.
(c) No effect on Commission powers
Nothing in this Act, including this section and the amendment made by this section, shall be construed to impair or limit the authority of the Commission to establish accounting principles or standards for purposes of enforcement of the securities laws.
(d) Study and report on adopting principles-based accounting
(1) Study
(A) In general
The Commission shall conduct a study on the adoption by the United States financial reporting system of a principles-based accounting system.
(B) Study topics
The study required by subparagraph (A) shall include an examination of—
(i) the extent to which principles-based accounting and financial reporting exists in the United States;
(ii) the length of time required for change from a rules-based to a principles-based financial reporting system;
(iii) the feasibility of and proposed methods by which a principles-based system may be implemented; and
(iv) a thorough economic analysis of the implementation of a principles-based system.
(2) Report
Not later than 1 year after July 30, 2002, the Commission shall submit a report on the results of the study required by paragraph (1) to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives.

15 U.S.C. § 7218 (Accounting standards) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Source Credit

History

(Pub. L. 107–204, title I, §108, July 30, 2002, 116 Stat. 768.)

Editorial Notes

Editorial Notes

References in Text
This Act, referred to in subsec. (c), is Pub. L. 107–204, July 30, 2002, 116 Stat. 745, known as the Sarbanes-Oxley Act of 2002. For complete classification of this Act to the Code, see Tables.

Codification
Section is comprised of section 108 of Pub. L. 107–204. Subsec. (a) of section 108 of Pub. L. 107–204 amended section 77s of this title.

Related

Source Credit

History

Editorial Notes