Comments on Proposed SEC 2010-2015 Draft Strategic Plan

12 Pages Posted: 28 Nov 2009 Last revised: 11 Jun 2013

See all articles by Robert J. Bloomfield

Robert J. Bloomfield

Cornell University - Samuel Curtis Johnson Graduate School of Management

Theodore E. Christensen

University of Georgia - J.M. Tull School of Accounting; University of Georgia

Jonathan C. Glover

Columbia Business School

Susan F. Haka

Michigan State University - The Eli Broad College of Business and The Eli Broad Graduate School of Management

Karim Jamal

University of Alberta - Department of Accounting, Operations & Information Systems

James A. Ohlson

Hong Kong Polytechnic University - School of Accounting and Finance

Stephen H. Penman

Columbia Business School - Department of Accounting

Kathy R. Petroni

Michigan State University - Eli Broad College of Business and Eli Broad Graduate School of Management

Eiko Tsujiyama

Waseda University - Graduate School of Commerce

Ross L. Watts

Massachusetts Institute of Technology (MIT) - Sloan School of Management

Date Written: November 14, 2009

Abstract

The SEC has proposed a strategic plan which sets out its mission, vision, and values, identifies four strategic goals, a set of desired outcomes associated with each strategic goal, and a list of performance measures for assessing the SEC’s effectiveness in attaining its goals. We affirm the need for vigorous enforcement of securities law and offer some research based insights and performance indicators. We also acknowledge the importance of disclosure, but propose that the SEC needs to develop a disclosure framework and develop better operational indicators of quality of disclosure. It is important to appreciate the benefits of disclosure as well as its limits and potential dysfunctional consequences. We also discuss the need for an independent accounting standard setter and recommend that the SEC take a greater role in enhancing the independence of FASB.

This comment was developed by American Accounting Association’s Financial Accounting Standards Committee and does not represent an official position of the American Accounting Association.

Keywords: SEC Plan, Disclosure Accounting Standards, Enforcement

JEL Classification: L50, M41

Suggested Citation

Bloomfield, Robert J. and Christensen, Theodore E. and Glover, Jonathan C. and Haka, Susan F. and Jamal, Karim and Ohlson, James A. and Penman, Stephen H. and Petroni, Kathy Ruby and Tsujiyama, Eiko and Watts, Ross L., Comments on Proposed SEC 2010-2015 Draft Strategic Plan (November 14, 2009). Accounting Horizons, Vol. 24, No. 1, 2010; University of Alberta School of Business Research Paper No. 2013-696; Johnson School Research Paper Series No. 04-2010. Available at SSRN: https://ssrn.com/abstract=1512002

Robert J. Bloomfield

Cornell University - Samuel Curtis Johnson Graduate School of Management ( email )

450 Sage Hall
Ithaca, NY 14853
United States
607-255-9407 (Phone)
607-254-4590 (Fax)

Theodore E. Christensen

University of Georgia - J.M. Tull School of Accounting ( email )

Athens, GA 30602
United States

University of Georgia ( email )

Athens, GA
United States

Jonathan C. Glover

Columbia Business School ( email )

3022 Broadway
New York, NY 10027
United States
212-854-1911 (Phone)

Susan F. Haka

Michigan State University - The Eli Broad College of Business and The Eli Broad Graduate School of Management ( email )

East Lansing, MI 48824-1121
United States
517-432-2920 (Phone)
517-432-1101 (Fax)

Karim Jamal (Contact Author)

University of Alberta - Department of Accounting, Operations & Information Systems ( email )

Edmonton, Alberta T6G 2R6
Canada
780-492-5829 (Phone)
780-492-3325 (Fax)

James A. Ohlson

Hong Kong Polytechnic University - School of Accounting and Finance ( email )

M715, Li Ka Shing Tower
Hung Hom, Kowloon
China

Stephen H. Penman

Columbia Business School - Department of Accounting ( email )

3022 Broadway
New York, NY 10027
United States
212-854-9151 (Phone)
212-316-9219 (Fax)

Kathy Ruby Petroni

Michigan State University - Eli Broad College of Business and Eli Broad Graduate School of Management ( email )

East Lansing, MI 48824-1121
United States
517-432-2924 (Phone)
517-432-1101 (Fax)

Eiko Tsujiyama

Waseda University - Graduate School of Commerce ( email )

1-6-1, Nishi-Waseda
Shinjuku-ku, Tokyo 169-8050
Japan
81-3-5286-2048 (Phone)
81-3-3203-7067 (Fax)

HOME PAGE: http://www.waseda.jp/gradcom/index-e.html

Ross L. Watts

Massachusetts Institute of Technology (MIT) - Sloan School of Management ( email )

E52-325
Cambridge, MA 02142
United States

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