Detailed Summary

<b>(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)</b>

Promoting Transparency in Financial Reporting Act of 2009 - Requires the Securities and Exchange Commission (SEC), the Financial Accounting Standards Board (FASB), and the Public Company Accounting Oversight Board to present testimony annually for five years, beginning in 2009, to the Committee on Financial Services of the House of Representatives regarding their efforts to reduce the complexity in financial reporting and to provide more accurate and clear financial information to investors.

Requires such testimony to address the following issues: (1) reassessing complex and outdated accounting standards; (2) improving the understandability, consistency, and overall usability of accounting and auditing literature; (3) developing principles-based accounting standards; (4) encouraging the use and acceptance of interactive data; and (5) promoting disclosures in &quot;plain English.&quot;

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Status of the Legislation

Latest Major Action: 9/10/2009: Referred to Senate committee. Status: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Points in Favor

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Points Against

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