Chief Accountant Bricker discusses past and future of financial reporting

By Amy Leisinger, J.D. In recent remarks, SEC Chief Accountant Wesley Bricker spoke about financial reporting evolution over the last four years and suggested several concepts to incorporate in looking toward the future of financial reporting. According to the official, the quality and reliability of financial reporting has increased over time due to the collective efforts of regulators, auditors, and other market participants, but there has been a long-term trend of less trust in corporations and audit firms. “Confidence in financial reporting is essential to a healthy economy,” Bricker stated. Recent work. High-quality financial statements help investors to make well-informed decisions, Bricker noted, and regulators and industry participants have been working to advance financial reporting. Accountants should act with the highest level of integrity and accountability, and the Commission continues to work to protect investors from those that fail to meet their…

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