SEC Advisory Panel Pushes Accounting Rulemaker Oversight Plan

The Securities and Exchange Commission needs to put a tighter leash around the US accounting rulemaker so it focuses on investor needs instead of business needs, a group of investors and academics that advise the regulator said in a draft plan released Thursday.

The SEC’s Investor Advisory Group is poised to vote Sept. 21 on a plan it says would improve the work of the Financial Accounting Standards Board, the private-sector body the SEC delegates to write accounting rules. The panel recommends that the SEC establish a committee devoted specifically to making accounting rule recommendations; require FASB to study ...