Table: A Report Card on the Regulators
How the SEC is doing on implementing plans to reduce accounting hocus-pocus
PLAN RESULT GRADE
ACCOUNTING ASSUMPTIONS Rule proposed in Jan. 2000; D Any changes must be still pending disclosed in detail.
RULES AICPA will issue R&D and C Accounting bodies to clarify write-offs guide by yearend; R&D rules and issue new ones for FASB rules for restructuring restructurings, write-offs in large by third quarter. No timetable acquisitions, and revenue for FASB action on complete recognition. revenue-recognition rules.
REVENUE RECOGNITION Accounting bulletin issued B Issue new guidelines. in December, 1999. Revision expected.
MATERIAL FACTS Issued August, 1999. A Issue guidelines to compel correction of deliberate factual misstatements claimed to be insignificant.
LIABILITIES First of two reports may C FASB to issue better definition. appear by fall.
ENFORCEMENT Financial fraud task force A SEC to beef up. set up June, 2000.
AUDIT COMMITTEES SEC issued new rules in A Strengthen role of such December, 1999. committees of corporate boards.
Data: Securities & Exchange Commission, BusinessWeek