Kanjorski Holds Hearing on the State of Accounting and Auditing Standards

Kanjorski Holds Hearing on the State of Accounting and Auditing Standards

Washington, DC - Congressman Paul E. Kanjorski (D-PA), the Chairman of the House Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises, announced that he will hold a hearing on Friday, May 21 on the state of accounting and auditing standards in order to ensure that investors are provided with a timely and transparent picture of a company's financial health.

"As we have investigated the roots of the financial crisis, issues like complexity in accounting rules and a lack of transparency in financial reporting have regularly come up," said Chairman Kanjorski. "In order to better protect our economy, investors, and the general public, we must ensure that accounting and auditing standards respond to the needs of investors by producing timely and accurate assessments of a company's financial situation. This hearing will enable Congress to review the current accounting and auditing standards that apply to participants in our financial markets and discuss how we can improve them in the future. I look forward to hearing from our witnesses as they discuss the existing auditing and accounting framework, examine issues on the horizon, and make recommendations about how to improve accounting and auditing practices moving forward."

WHO: House Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises

WHAT: Hearing Entitled "Accounting and Auditing Standards: Pending Proposals and Emerging Issues"

WHEN: Friday, May 21, 2010

10:00 a.m.

WHERE: 2128 Rayburn House Office Building

Witness List

* Mr. James Kroeker, Chief Accountant, U.S. Securities and Exchange Commission

* Mr. Robert Herz, Chairman, Financial Accounting Standards Board

* Mr. Daniel L. Goelzer, Acting Chairman, U.S. Public Company Accounting Oversight Board