SEC Top Accountant Presses Rulemaker to Deliver on Promises

The US accounting rulemaking board has done a good job narrowing its to-do list to focus on investor priorities and now needs to deliver on those promises, the US Securities and Exchange Commission’s top accountant said Tuesday.

In particular, the Financial Accounting Standards Board should be lauded for progress on efforts to improve reporting for income taxes, segment expenses, and cryptocurrency, SEC Chief Accountant Paul Munter said in a statement. Timely completion is “critical” to quality financial reporting, he added.

“However, the proof is in the doing,” Munter said. “The FASB should now execute on those stated ...