SEC Considers Sweeping Changes in Rule-Making

SEC Proposal

The Securities and Exchange Commission has issued a call for comments on numerous changes to present financial reporting. Among issues considered: principles-based standards, use of exceptions and "bright line" provisions in standards, cost-benefit analysis of current financial standards and the impact of international accounting standards on the usefulness of present American GAAP.

The SEC has taken on an ambitious project; I wish them well. One question: how will the upcoming implementation of XBRL affect the issues which the SEC is considering?