Speech by SEC Chairman:
Remarks before the AICPA National Conference on Current SEC and PCAOB Developments by
Chairman Christopher Cox
U.S. Securities and Exchange Commission
Washington, DC
December 8, 2008

Good morning to all of you, and let me add my welcome to the AICPA’s National Conference on Current SEC and PCAOB Developments. It is a pleasure to join you at this Conference once again. And while the Conference topics this year are focused as always on the cutting-edge issues that concern you in your practice, more than ever before the subjects that you’ll cover this week are of great importance to our nation and the economy as a whole.

Required
a. “Accounting standards should not be viewed as a fiscal policy tool to stimulate or moderate economic growth, but rather as a means of providing neutral and objective measurements of the financial performance of public companies.” Comment.
b. Letter of David Walker, then-Comptroller General (in Part).
“This time-tested and proven deliberate process has served to strengthen this financial reporting and ensure general acceptance of the nation’s accounting standards. This process is especially important given the complexity and controversial nature of some accounting standards.” Comment.