From the Financial Executives Institute blog (now added to our blogroll), passage by the House of the ‘Promoting Transparency in Financial Reporting Act, H.R. 2664:

…among other things, PTFRA would require that, beginning in 2009, and for five years thereafter, annual testimony of the SEC, FASB and PCAOB Chairmen (or their designees) would be provided to the House Financial Services Committee on “their efforts to reduce the complexity in financial reporting to provide more accurate and clear financial information to investors, including

  1. reassessing complex and outdated accounting standards;
  2. improving the understandability, consistency, and overall usability of the existing accounting and auditing literature;
  3. developing principles-based accounting standards;
  4. encouraging the use and acceptance of interactive data; and
  5. promoting disclosures in ‘‘plain English’’.

The FEI post has a lot of interesting material, so be sure to follow the link above.