§ 7218. Accounting standards
(c)
No effect on Commission powers
Nothing in this Act, including this section and the amendment made by this section, shall be construed to impair or limit the authority of the Commission to establish accounting principles or standards for purposes of enforcement of the securities laws.
(d)
Study and report on adopting principles-based accounting
(1)
Study
(A)
In general
The Commission shall conduct a study on the adoption by the United States financial reporting system of a principles-based accounting system.
(B)
Study topics
The study required by subparagraph (A) shall include an examination of—
(i)
the extent to which principles-based accounting and financial reporting exists in the United States;
(ii)
the length of time required for change from a rules-based to a principles-based financial reporting system;