THE SEC ON FULL AND FAIR DISCLOSURE.

The article discusses the views of Edmund Coulson, the chief accountant of the Securities and Exchange Commission (SEC) regarding the issue on disclosure. Coulson aims to play an active and visible role in enforcement when he was appointed to his position. The discussion focuses on a number of initiatives aimed at enforcing and implementing full and fair disclosure in certain key areas, such as the Treadway commission recommendations and harmonization of international accounting and auditing standards. The proposal is entirely consistent with the Treadway commission recommendations and it is almost the simplest form of management reporting on internal controls and auditor involvement that can be designed.