Tom Quaadman, executive vice president of the Center for Capital Markets Competitiveness at the U.S. Chamber of Commerce, has concerns with several aspects of the proposal but is generally supportive of the effort. One of his issues is that the streamlined disclosure rules could move information from the management’s discussion and analysis (MD&A) section of a regulatory filing to the financial statements and their accompanying footnotes. “We are concerned that the relocation of the information could establish audit requirements where none existed before, subject the information to additional internal control requirements or the rules for tagging information in XBRL,” he explains.

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