薩班斯法案（2002）Sec.108.(1)

　　SEC.108.ACCOUNTING STANDARDS.

　　(a)AMENDMENT TO SECURITIES ACT OF 1933.-Section 19 of the Securities Act of 1933(15 U.S.C.77s)is amended-

　　(1)by redesignating subsections(b)and(c)as subsections(c)and (d),respectively;and

　　(2)by inserting after subsection (a)the following:

　　"(b)RECOGNITION OF ACCOUNTING STANDARDS.-

　　"(1)IN GENERAL.-In carrying out its authority under subsection(a)and under section 13(b)of the Securities Exchange Act of 1934,the Commission may recognize,as'generally accepted'for purposes of the securities laws,any accounting principles established by a standard setting body-

　　"(A)that-

　　"(i)is organized as a private entity;

　　"(ii)has,for administrative and operational purposes,a board of trustees(or equivalent body)serving in the public interest,the majority of whom are not,concurrent with their service on such board,and have not been during the 2-year period preceding such service,associated persons of any registered public accounting firm;

　　"(iii)is funded as provided in section 109 of the Sarbanes-Oxley Act of 2002;

　　"(iv)has adopted procedures to ensure prompt consideration,by majority vote of its members,of changes to accounting principles necessary to reflect emerging accounting issues and changing business practices;and

　　"(v)considers,in adopting accounting principles,the need to keep standards current in order to reflect changes in the business environment,the extent to which international convergence on high quality accounting standards is necessary or appropriate in the public interest and for the protection of investors;and

　　"(B)that the Commission determines has the capacity to assist the Commission in fulfilling the requirements of subsection(a)and section 13(b)of the Securities Exchange Act of 1934,because,at a minimum,the standard setting body is capable of improving the accuracy and effectiveness of financial reporting and the protection of investors under the securities laws.

　　"(2)ANNUAL REPORT.-A standard setting body described in paragraph(1)shall submit an annual report to the Commission and the public,containing audited financial statements of that standard setting body.".