Volume 11, No. 6

 

Reform Roadmap: You Are Here:  Where reform efforts will end up is an entirely different matter. Since the Enron affair picked up steam in January, politicians of all stripes have reacted with proposals of all kinds. It's only natural: fish gotta swim, birds gotta fly - and legislators gotta legislate. Given the massive destruction of jobs, savings and confidence in the auditing profession and the stock market, no legislator wants to appear soft on accountants or overly sympathetic to business interests. There's been a flood of accounting-related bills introduced since the year began. Many of the bills introduced are intended at reforming the auditing profession in some way, and some involve the SEC, which has its own reform plans. A little legislation goes a long way - any one of these bills could cause changes that resonate within the accounting world. There's been plenty of reporting on some of these bills, but some of them may be more obscure to analysts and investors. This report is a capsule presentation of ones that, if passed, would likely have significant effects on accounting standard-setting, auditors and analysts. No attempt is made here to handicap the likelihood of passage.

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