15 U.S. Code § 7218 - Accounting standards
(b) Commission authority
(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
(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
Source(Pub. L. 107–204, title I, § 108,July 30, 2002, 116 Stat. 768.)
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.
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