cpa2biz.com reports that FASB Chairman Details Reporting Objectives, Challenges...

A major benefit of Sarbanes-Oxley is that the act has elevated the national focus on sound financial reporting, the chairman of the Financial Accounting Standards Board told roughly 200 business leaders here.

As part of its efforts to develop a sound, uniform financial reporting system, chairman Robert Herz said that the Norwalk, Conn.-based accounting standards setter has designated three strategic objectives: to revamp the overall financial reporting system by improving and simplifying U.S. GAAP; to move toward a more principles-based approach to accounting; and to accomplish international convergence.