15 USC 7218 - Accounting standards

U.S Code last checked for updates: May 04, 2024

§ 7218.

Accounting standards

(a)

Omitted

(b)

Commission authority

(c)

No effect on Commission powers

(d)

Study and report on adopting principles-based accounting

(1)

Study

(A)

In general

(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

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

cite as: 15 USC 7218