Pozen Committee Updates Rec's: Instead of Specifying Professional Judgment Framework, May Ask SEC To Articulate Policy

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By Edith Orenstein, FEI Financial Reporting Blog - A modified view on an earlier recommendation in the Pozen Committee's (more formally, the SEC Advisory Committee on Improvements to Financial Reporting or CIFiR, chaired by Robert Pozen) Feb. 14 progress report outlining a professional judgment framework for accounting decisions will be presented at CIFiR's meeting today in Chicago.

Specifically, the audit process and compliance subcommitee recommends that instead of the proposed 'professional judgment framework' contained in their earlier report, that CIFiR should request the SEC to "formally articulate in a statement of policy how the SEC evaluates judgments, including the factors that it uses as part of its evaluation."

Additional changes to the earlier recommendations of this subcommittee, and the other three subcommittees, as well as certain new recommendations, were also to be presented today.

CIFiR was also scheduled to take testimony from two panels of experts on some of its recommendations. See the agenda; Further details on the above issues can be found here.

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